DDM Analysis: 605228.SS

Valuation Snapshot

Stable Growth	$1.13 - $1.66	$1.38
Multi-Stage	$1.90 - $2.09	$2.00
Blended Fair Value	$1.69
Current Price	$17.30
Upside	-90.23%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.91%	0.00%	0.05	0.03	0.07	0.09	0.03	0.04	0.47	0.19	0.03	0.00
YoY Growth	-	-	40.21%	-52.41%	-17.13%	222.53%	-28.74%	-92.09%	150.92%	457.77%	0.00%	0.00%
Dividend Yield	-	-	0.46%	0.31%	0.80%	1.02%	0.21%	0.44%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.73
(-) Cash Dividends Paid (M)	0.87
(=) Cash Retained (M)	63.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.95	8.09	4.85
Cash Retained (M)	63.86	63.86	63.86
(-) Cash Required (M)	-12.95	-8.09	-4.85
(=) Excess Retained (M)	50.91	55.77	59.00
(/) Shares Outstanding (M)	434.59	434.59	434.59
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	8.32%	8.32%	8.32%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.13	$1.38	$1.66
Upside / Downside	-93.46%	-92.00%	-90.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.73	64.08	63.44	62.81	62.18	61.56	63.40
Payout Ratio	1.35%	19.08%	36.81%	54.54%	72.27%	90.00%	92.50%
Projected Dividends (M)	0.87	12.22	23.35	34.25	44.94	55.40	58.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.32%	8.32%	8.32%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.17	11.29	11.40
Year 2 PV (M)	19.50	19.90	20.31
Year 3 PV (M)	26.14	26.95	27.78
Year 4 PV (M)	31.34	32.64	33.98
Year 5 PV (M)	35.31	37.15	39.07
PV of Terminal Value (M)	702.80	739.40	777.51
Equity Value (M)	826.28	867.33	910.04
Shares Outstanding (M)	434.59	434.59	434.59
Fair Value	$1.90	$2.00	$2.09
Upside / Downside	-89.01%	-88.46%	-87.90%

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Shentong Technology Group Co., Ltd (605228.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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