DDM Analysis: 300768.SZ

Valuation Snapshot

Stable Growth	$4.56 - $9.25	$6.37
Multi-Stage	$3.45 - $3.76	$3.60
Blended Fair Value	$4.98
Current Price	$19.20
Upside	-74.04%
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	176.79%	33.82%	0.08	0.08	0.10	0.08	0.08	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-0.67%	-16.72%	16.01%	0.07%	16,816.23%	-44.18%	41.90%	-81.86%	-7.39%	-14.81%
Dividend Yield	-	-	0.44%	0.64%	0.51%	0.45%	0.33%	0.00%	0.01%	0.01%	0.03%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	162.38
(-) Cash Dividends Paid (M)	50.87
(=) Cash Retained (M)	111.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.48	20.30	12.18
Cash Retained (M)	111.51	111.51	111.51
(-) Cash Required (M)	-32.48	-20.30	-12.18
(=) Excess Retained (M)	79.03	91.21	99.33
(/) Shares Outstanding (M)	630.57	630.57	630.57
(=) Excess Retained per Share	0.13	0.14	0.16
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.13	0.14	0.16
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	10.27%	10.27%	10.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.56	$6.37	$9.25
Upside / Downside	-76.26%	-66.84%	-51.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	162.38	172.93	184.17	196.14	208.89	222.47	229.14
Payout Ratio	31.33%	43.06%	54.80%	66.53%	78.27%	90.00%	92.50%
Projected Dividends (M)	50.87	74.47	100.92	130.49	163.49	200.22	211.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.27%	10.27%	10.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	66.90	67.53	68.17
Year 2 PV (M)	81.45	83.00	84.56
Year 3 PV (M)	94.61	97.33	100.10
Year 4 PV (M)	106.49	110.58	114.79
Year 5 PV (M)	117.16	122.82	128.69
PV of Terminal Value (M)	1,706.31	1,788.73	1,874.30
Equity Value (M)	2,172.91	2,269.99	2,370.61
Shares Outstanding (M)	630.57	630.57	630.57
Fair Value	$3.45	$3.60	$3.76
Upside / Downside	-82.05%	-81.25%	-80.42%

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Hangzhou DPtech Technologies Co.,Ltd. (300768.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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