DDM Analysis: 300354.SZ

Valuation Snapshot

Stable Growth	$16.89 - $35.86	$23.99
Multi-Stage	$12.36 - $13.50	$12.92
Blended Fair Value	$18.45
Current Price	$48.29
Upside	-61.78%
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	34.08%	10.46%	0.13	0.18	0.18	0.11	0.05	0.03	0.01	0.01	0.02	0.02
YoY Growth	-	-	-26.46%	1.06%	59.03%	120.00%	66.67%	166.91%	124.75%	-67.07%	-15.63%	-62.57%
Dividend Yield	-	-	0.30%	0.39%	0.40%	0.36%	0.37%	0.27%	0.10%	0.04%	0.07%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	124.09
(-) Cash Dividends Paid (M)	24.68
(=) Cash Retained (M)	99.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.82	15.51	9.31
Cash Retained (M)	99.41	99.41	99.41
(-) Cash Required (M)	-24.82	-15.51	-9.31
(=) Excess Retained (M)	74.59	83.90	90.10
(/) Shares Outstanding (M)	137.95	137.95	137.95
(=) Excess Retained per Share	0.54	0.61	0.65
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.54	0.61	0.65
(=) Adjusted Dividend	0.72	0.79	0.83
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.89	$23.99	$35.86
Upside / Downside	-65.02%	-50.33%	-25.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	124.09	132.15	140.74	149.89	159.64	170.01	175.11
Payout Ratio	19.89%	33.91%	47.93%	61.95%	75.98%	90.00%	92.50%
Projected Dividends (M)	24.68	44.81	67.46	92.87	121.29	153.01	161.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	40.36	40.74	41.12
Year 2 PV (M)	54.72	55.76	56.81
Year 3 PV (M)	67.83	69.78	71.77
Year 4 PV (M)	79.79	82.86	86.01
Year 5 PV (M)	90.65	95.03	99.58
PV of Terminal Value (M)	1,372.07	1,438.34	1,507.15
Equity Value (M)	1,705.42	1,782.51	1,862.44
Shares Outstanding (M)	137.95	137.95	137.95
Fair Value	$12.36	$12.92	$13.50
Upside / Downside	-74.40%	-73.24%	-72.04%

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DongHua Testing Technology Co. , Ltd. (300354.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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