DDM Analysis: 600288.SS

Valuation Snapshot

Stable Growth	$0.31 - $0.41	$0.36
Multi-Stage	$0.59 - $0.65	$0.62
Blended Fair Value	$0.49
Current Price	$13.87
Upside	-96.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.45%	-14.54%	0.02	0.03	0.06	0.01	0.01	0.04	0.02	0.02	0.02	0.02
YoY Growth	-	-	-26.35%	-48.14%	532.01%	25.01%	-80.92%	74.64%	14.28%	10.53%	0.00%	-83.65%
Dividend Yield	-	-	0.26%	0.33%	0.47%	0.07%	0.07%	0.38%	0.22%	0.24%	0.15%	0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.14
(-) Cash Dividends Paid (M)	3.61
(=) Cash Retained (M)	39.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.63	5.39	3.24
Cash Retained (M)	39.52	39.52	39.52
(-) Cash Required (M)	-8.63	-5.39	-3.24
(=) Excess Retained (M)	30.90	34.13	36.29
(/) Shares Outstanding (M)	436.33	436.33	436.33
(=) Excess Retained per Share	0.07	0.08	0.08
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.07	0.08	0.08
(=) Adjusted Dividend	0.08	0.09	0.09
WACC / Discount Rate	9.67%	9.67%	9.67%
Growth Rate	-12.45%	-11.45%	-10.45%
Fair Value	$0.31	$0.36	$0.41
Upside / Downside	-97.74%	-97.39%	-97.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.14	38.20	33.82	29.95	26.52	23.49	24.19
Payout Ratio	8.37%	24.70%	41.02%	57.35%	73.67%	90.00%	92.50%
Projected Dividends (M)	3.61	9.43	13.88	17.18	19.54	21.14	22.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.67%	9.67%	9.67%
Growth Rate	-12.45%	-11.45%	-10.45%
Year 1 PV (M)	8.51	8.60	8.70
Year 2 PV (M)	11.28	11.54	11.80
Year 3 PV (M)	12.58	13.02	13.47
Year 4 PV (M)	12.91	13.51	14.13
Year 5 PV (M)	12.59	13.32	14.09
PV of Terminal Value (M)	199.63	211.30	223.50
Equity Value (M)	257.49	271.29	285.68
Shares Outstanding (M)	436.33	436.33	436.33
Fair Value	$0.59	$0.62	$0.65
Upside / Downside	-95.75%	-95.52%	-95.28%

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Daheng New Epoch Technology Inc. (600288.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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