DDM Analysis: 300735.SZ

Valuation Snapshot

Stable Growth	$40.32 - $84.48	$79.17
Multi-Stage	$13.10 - $14.33	$13.70
Blended Fair Value	$46.44
Current Price	$29.22
Upside	58.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.63%	24.49%	0.30	0.28	0.24	0.23	0.23	0.14	0.09	0.01	0.01	0.07
YoY Growth	-	-	8.84%	14.68%	7.46%	0.91%	59.43%	50.42%	1,108.03%	12.89%	-90.30%	108.19%
Dividend Yield	-	-	1.10%	0.91%	2.11%	2.08%	1.90%	0.73%	0.65%	0.06%	0.09%	0.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	325.85
(-) Cash Dividends Paid (M)	210.26
(=) Cash Retained (M)	115.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.17	40.73	24.44
Cash Retained (M)	115.60	115.60	115.60
(-) Cash Required (M)	-65.17	-40.73	-24.44
(=) Excess Retained (M)	50.42	74.86	91.16
(/) Shares Outstanding (M)	767.11	767.11	767.11
(=) Excess Retained per Share	0.07	0.10	0.12
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.07	0.10	0.12
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$40.32	$79.17	$84.48
Upside / Downside	37.99%	170.94%	189.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	325.85	347.03	369.59	393.61	419.20	446.45	459.84
Payout Ratio	64.53%	69.62%	74.72%	79.81%	84.91%	90.00%	92.50%
Projected Dividends (M)	210.26	241.61	276.14	314.14	355.92	401.80	425.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	224.96	227.10	229.23
Year 2 PV (M)	239.41	243.97	248.57
Year 3 PV (M)	253.60	260.88	268.29
Year 4 PV (M)	267.53	277.82	288.40
Year 5 PV (M)	281.22	294.80	308.90
PV of Terminal Value (M)	8,783.79	9,208.05	9,648.55
Equity Value (M)	10,050.51	10,512.61	10,991.95
Shares Outstanding (M)	767.11	767.11	767.11
Fair Value	$13.10	$13.70	$14.33
Upside / Downside	-55.16%	-53.10%	-50.96%

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DBG Technology Co., Ltd. (300735.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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