DDM Analysis: 600850.SS

Valuation Snapshot

Stable Growth	$28.58 - $147.18	$58.19
Multi-Stage	$16.15 - $17.64	$16.88
Blended Fair Value	$37.53
Current Price	$28.74
Upside	30.59%
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	15.19%	15.67%	0.46	0.31	0.24	0.17	0.16	0.23	0.14	0.14	0.19	0.15
YoY Growth	-	-	50.32%	25.92%	43.17%	8.34%	-30.94%	58.39%	2.85%	-25.45%	26.09%	38.12%
Dividend Yield	-	-	1.90%	1.52%	0.89%	0.85%	0.69%	1.36%	0.75%	0.97%	1.05%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	506.58
(-) Cash Dividends Paid (M)	252.44
(=) Cash Retained (M)	254.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.32	63.32	37.99
Cash Retained (M)	254.14	254.14	254.14
(-) Cash Required (M)	-101.32	-63.32	-37.99
(=) Excess Retained (M)	152.82	190.81	216.14
(/) Shares Outstanding (M)	684.49	684.49	684.49
(=) Excess Retained per Share	0.22	0.28	0.32
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.22	0.28	0.32
(=) Adjusted Dividend	0.59	0.65	0.68
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.58	$58.19	$147.18
Upside / Downside	-0.55%	102.45%	412.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	506.58	539.50	574.57	611.92	651.69	694.05	714.87
Payout Ratio	49.83%	57.87%	65.90%	73.93%	81.97%	90.00%	92.50%
Projected Dividends (M)	252.44	312.19	378.64	452.41	534.17	624.65	661.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	287.19	289.91	292.63
Year 2 PV (M)	320.42	326.52	332.68
Year 3 PV (M)	352.19	362.30	372.60
Year 4 PV (M)	382.53	397.24	412.37
Year 5 PV (M)	411.50	431.37	452.01
PV of Terminal Value (M)	9,297.52	9,746.60	10,212.86
Equity Value (M)	11,051.34	11,553.94	12,075.15
Shares Outstanding (M)	684.49	684.49	684.49
Fair Value	$16.15	$16.88	$17.64
Upside / Downside	-43.82%	-41.27%	-38.62%

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CETC Digital Technology Co.,Ltd. (600850.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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