DDM Analysis: 603444.SS

Valuation Snapshot

Stable Growth	$1,307.26 - $4,153.37	$3,892.31
Multi-Stage	$549.76 - $601.77	$575.29
Blended Fair Value	$2,233.80
Current Price	$568.00
Upside	293.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.28%	22.64%	6.49	10.14	29.85	11.99	5.00	9.99	2.66	4.13	0.63	0.42
YoY Growth	-	-	-36.04%	-66.03%	148.89%	140.00%	-49.99%	275.69%	-35.53%	556.40%	48.79%	-49.87%
Dividend Yield	-	-	2.91%	5.16%	6.26%	3.33%	1.34%	2.44%	1.27%	2.40%	0.20%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,501.55
(-) Cash Dividends Paid (M)	394.66
(=) Cash Retained (M)	1,106.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	300.31	187.69	112.62
Cash Retained (M)	1,106.89	1,106.89	1,106.89
(-) Cash Required (M)	-300.31	-187.69	-112.62
(=) Excess Retained (M)	806.58	919.20	994.28
(/) Shares Outstanding (M)	71.90	71.90	71.90
(=) Excess Retained per Share	11.22	12.78	13.83
LTM Dividend per Share	5.49	5.49	5.49
(+) Excess Retained per Share	11.22	12.78	13.83
(=) Adjusted Dividend	16.71	18.27	19.32
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,307.26	$3,892.31	$4,153.37
Upside / Downside	130.15%	585.27%	631.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,501.55	1,599.16	1,703.10	1,813.80	1,931.70	2,057.26	2,118.98
Payout Ratio	26.28%	39.03%	51.77%	64.51%	77.26%	90.00%	92.50%
Projected Dividends (M)	394.66	624.10	881.70	1,170.14	1,492.37	1,851.53	1,960.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	578.61	584.10	589.58
Year 2 PV (M)	757.86	772.29	786.87
Year 3 PV (M)	932.49	959.26	986.54
Year 4 PV (M)	1,102.59	1,145.00	1,188.61
Year 5 PV (M)	1,268.26	1,329.51	1,393.11
PV of Terminal Value (M)	34,887.45	36,572.53	38,322.10
Equity Value (M)	39,527.26	41,362.69	43,266.81
Shares Outstanding (M)	71.90	71.90	71.90
Fair Value	$549.76	$575.29	$601.77
Upside / Downside	-3.21%	1.28%	5.95%

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G-bits Network Technology (Xiamen) Co., Ltd. (603444.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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