DDM Analysis: 300300.SZ

Valuation Snapshot

Stable Growth	$0.77 - $1.26	$0.99
Multi-Stage	$2.38 - $2.62	$2.50
Blended Fair Value	$1.75
Current Price	$4.94
Upside	-64.65%
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	5.22%	18.33%	0.10	0.06	0.05	0.04	0.05	0.08	0.06	0.06	0.09	0.05
YoY Growth	-	-	55.85%	35.12%	3.93%	-4.85%	-38.07%	25.21%	7.48%	-39.36%	75.27%	191.68%
Dividend Yield	-	-	3.35%	1.99%	0.95%	0.77%	1.22%	0.90%	0.47%	0.42%	0.70%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.48
(-) Cash Dividends Paid (M)	34.29
(=) Cash Retained (M)	6.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.10	5.06	3.04
Cash Retained (M)	6.19	6.19	6.19
(-) Cash Required (M)	-8.10	-5.06	-3.04
(=) Excess Retained (M)	-1.91	1.13	3.15
(/) Shares Outstanding (M)	567.17	567.17	567.17
(=) Excess Retained per Share	0.00	0.00	0.01
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.00	0.00	0.01
(=) Adjusted Dividend	0.06	0.06	0.07
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.77	$0.99	$1.26
Upside / Downside	-84.35%	-79.93%	-74.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.48	40.07	39.67	39.28	38.88	38.50	39.65
Payout Ratio	84.72%	85.77%	86.83%	87.89%	88.94%	90.00%	92.50%
Projected Dividends (M)	34.29	34.37	34.45	34.52	34.59	34.65	36.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	32.33	32.66	32.99
Year 2 PV (M)	30.48	31.11	31.74
Year 3 PV (M)	28.73	29.62	30.52
Year 4 PV (M)	27.08	28.20	29.35
Year 5 PV (M)	25.51	26.84	28.22
PV of Terminal Value (M)	1,207.28	1,270.15	1,335.60
Equity Value (M)	1,351.41	1,418.57	1,488.44
Shares Outstanding (M)	567.17	567.17	567.17
Fair Value	$2.38	$2.50	$2.62
Upside / Downside	-51.77%	-49.37%	-46.88%

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Strait Innovation Internet Co., Ltd. (300300.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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