DDM Analysis: 603300.SS

Valuation Snapshot

Stable Growth	$39.21 - $66.03	$61.88
Multi-Stage	$10.47 - $11.47	$10.96
Blended Fair Value	$36.42
Current Price	$9.68
Upside	276.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.72%	17.41%	0.07	0.04	0.10	0.04	0.04	0.04	0.04	0.03	0.03	0.01
YoY Growth	-	-	62.99%	-55.29%	145.15%	2.44%	3.92%	-14.51%	41.79%	22.27%	110.23%	-16.00%
Dividend Yield	-	-	0.68%	0.70%	1.60%	0.67%	0.85%	1.08%	1.57%	1.18%	0.49%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	647.70
(-) Cash Dividends Paid (M)	79.23
(=) Cash Retained (M)	568.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	129.54	80.96	48.58
Cash Retained (M)	568.48	568.48	568.48
(-) Cash Required (M)	-129.54	-80.96	-48.58
(=) Excess Retained (M)	438.94	487.52	519.90
(/) Shares Outstanding (M)	1,950.77	1,950.77	1,950.77
(=) Excess Retained per Share	0.23	0.25	0.27
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.23	0.25	0.27
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.21	$61.88	$66.03
Upside / Downside	305.11%	539.27%	582.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	647.70	689.81	734.64	782.39	833.25	887.41	914.03
Payout Ratio	12.23%	27.79%	43.34%	58.89%	74.45%	90.00%	92.50%
Projected Dividends (M)	79.23	191.67	318.39	460.77	620.32	798.67	845.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	178.76	180.45	182.15
Year 2 PV (M)	276.94	282.22	287.54
Year 3 PV (M)	373.80	384.53	395.47
Year 4 PV (M)	469.35	487.40	505.96
Year 5 PV (M)	563.59	590.81	619.07
PV of Terminal Value (M)	18,559.59	19,456.02	20,386.77
Equity Value (M)	20,422.03	21,381.43	22,376.96
Shares Outstanding (M)	1,950.77	1,950.77	1,950.77
Fair Value	$10.47	$10.96	$11.47
Upside / Downside	8.15%	13.23%	18.50%

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Zhejiang Haikong Nanke Huatie Digital Technology Co., Ltd. Class A (603300.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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