DDM Analysis: 300951.SZ

Valuation Snapshot

Stable Growth	$83.96 - $228.92	$214.54
Multi-Stage	$32.55 - $35.61	$34.05
Blended Fair Value	$124.29
Current Price	$38.81
Upside	220.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	43.73%	0.00%	0.73	0.89	0.71	0.60	0.36	0.12	0.06	0.00	0.00	0.00
YoY Growth	-	-	-18.34%	25.20%	18.65%	68.45%	200.20%	100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.38%	2.98%	1.72%	1.90%	0.80%	0.18%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	193.69
(-) Cash Dividends Paid (M)	100.56
(=) Cash Retained (M)	93.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.74	24.21	14.53
Cash Retained (M)	93.13	93.13	93.13
(-) Cash Required (M)	-38.74	-24.21	-14.53
(=) Excess Retained (M)	54.39	68.92	78.61
(/) Shares Outstanding (M)	168.26	168.26	168.26
(=) Excess Retained per Share	0.32	0.41	0.47
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.32	0.41	0.47
(=) Adjusted Dividend	0.92	1.01	1.06
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$83.96	$214.54	$228.92
Upside / Downside	116.34%	452.78%	489.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	193.69	206.28	219.69	233.97	249.17	265.37	273.33
Payout Ratio	51.92%	59.53%	67.15%	74.77%	82.38%	90.00%	92.50%
Projected Dividends (M)	100.56	122.80	147.52	174.93	205.28	238.83	252.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	114.06	115.14	116.22
Year 2 PV (M)	127.25	129.68	132.13
Year 3 PV (M)	140.15	144.18	148.27
Year 4 PV (M)	152.75	158.63	164.67
Year 5 PV (M)	165.07	173.04	181.32
PV of Terminal Value (M)	4,778.13	5,008.92	5,248.54
Equity Value (M)	5,477.42	5,729.58	5,991.15
Shares Outstanding (M)	168.26	168.26	168.26
Fair Value	$32.55	$34.05	$35.61
Upside / Downside	-16.12%	-12.26%	-8.26%

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Shenzhen Bsc Technology Co.,Ltd. (300951.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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