DDM Analysis: 600850.SS

Valuation Snapshot

Stable Growth	$16.23 - $39.79	$24.20
Multi-Stage	$11.72 - $12.79	$12.25
Blended Fair Value	$18.23
Current Price	$28.74
Upside	-36.59%
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	15.19%	15.67%	0.46	0.31	0.24	0.17	0.16	0.23	0.14	0.14	0.19	0.15
YoY Growth	-	-	50.32%	25.92%	43.17%	8.34%	-30.94%	58.39%	2.85%	-25.45%	26.09%	38.12%
Dividend Yield	-	-	1.90%	1.52%	0.89%	0.85%	0.69%	1.36%	0.75%	0.97%	1.05%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	506.58
(-) Cash Dividends Paid (M)	252.44
(=) Cash Retained (M)	254.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.32	63.32	37.99
Cash Retained (M)	254.14	254.14	254.14
(-) Cash Required (M)	-101.32	-63.32	-37.99
(=) Excess Retained (M)	152.82	190.81	216.14
(/) Shares Outstanding (M)	684.49	684.49	684.49
(=) Excess Retained per Share	0.22	0.28	0.32
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.22	0.28	0.32
(=) Adjusted Dividend	0.59	0.65	0.68
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.23	$24.20	$39.79
Upside / Downside	-43.54%	-15.78%	38.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	506.58	539.50	574.57	611.92	651.69	694.05	714.87
Payout Ratio	49.83%	57.87%	65.90%	73.93%	81.97%	90.00%	92.50%
Projected Dividends (M)	252.44	312.19	378.64	452.41	534.17	624.65	661.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	282.82	285.50	288.18
Year 2 PV (M)	310.74	316.66	322.63
Year 3 PV (M)	336.35	346.01	355.84
Year 4 PV (M)	359.77	373.61	387.84
Year 5 PV (M)	381.12	399.53	418.65
PV of Terminal Value (M)	6,354.34	6,661.26	6,979.93
Equity Value (M)	8,025.15	8,382.56	8,753.07
Shares Outstanding (M)	684.49	684.49	684.49
Fair Value	$11.72	$12.25	$12.79
Upside / Downside	-59.21%	-57.39%	-55.51%

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CETC Digital Technology Co.,Ltd. (600850.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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