DDM Analysis: 300707.SZ

Valuation Snapshot

Stable Growth	$22.45 - $26.45	$24.79
Multi-Stage	$17.82 - $19.55	$18.67
Blended Fair Value	$21.73
Current Price	$14.50
Upside	49.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.44%	-3.65%	0.09	0.05	0.04	0.03	0.04	0.09	0.05	0.03	0.02	0.03
YoY Growth	-	-	69.87%	49.97%	33.30%	-24.73%	-60.00%	81.01%	62.96%	50.00%	-31.98%	-77.59%
Dividend Yield	-	-	0.56%	0.37%	0.21%	0.18%	0.24%	0.65%	0.27%	0.11%	0.18%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.58
(-) Cash Dividends Paid (M)	11.41
(=) Cash Retained (M)	12.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.72	2.95	1.77
Cash Retained (M)	12.17	12.17	12.17
(-) Cash Required (M)	-4.72	-2.95	-1.77
(=) Excess Retained (M)	7.46	9.22	10.40
(/) Shares Outstanding (M)	177.34	177.34	177.34
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.11	0.12	0.12
WACC / Discount Rate	-0.78%	-0.78%	-0.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.45	$24.79	$26.45
Upside / Downside	54.81%	70.93%	82.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.58	25.12	26.75	28.49	30.34	32.31	33.28
Payout Ratio	48.39%	56.71%	65.03%	73.35%	81.68%	90.00%	92.50%
Projected Dividends (M)	11.41	14.24	17.40	20.90	24.78	29.08	30.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.78%	-0.78%	-0.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14.22	14.35	14.49
Year 2 PV (M)	17.34	17.67	18.00
Year 3 PV (M)	20.80	21.39	22.00
Year 4 PV (M)	24.62	25.57	26.54
Year 5 PV (M)	28.84	30.24	31.68
PV of Terminal Value (M)	3,053.56	3,201.05	3,354.18
Equity Value (M)	3,159.38	3,310.27	3,466.90
Shares Outstanding (M)	177.34	177.34	177.34
Fair Value	$17.82	$18.67	$19.55
Upside / Downside	22.87%	28.74%	34.83%

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VT Industrial Technology Co.,Ltd (300707.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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