DDM Analysis: 002987.SZ

Valuation Snapshot

Stable Growth	$14.34 - $75.60	$28.63
Multi-Stage	$8.18 - $8.94	$8.55
Blended Fair Value	$18.59
Current Price	$21.03
Upside	-11.60%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	40.61%	0.00%	0.09	0.04	0.03	0.04	0.00	0.02	0.01	0.01	0.04	0.00
YoY Growth	-	-	118.78%	15.86%	-14.36%	3,448.39%	-92.86%	57.27%	-19.67%	-67.43%	0.00%	0.00%
Dividend Yield	-	-	0.64%	0.49%	0.28%	0.39%	0.01%	0.26%	0.16%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	329.52
(-) Cash Dividends Paid (M)	156.14
(=) Cash Retained (M)	173.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.90	41.19	24.71
Cash Retained (M)	173.38	173.38	173.38
(-) Cash Required (M)	-65.90	-41.19	-24.71
(=) Excess Retained (M)	107.48	132.19	148.67
(/) Shares Outstanding (M)	866.85	866.85	866.85
(=) Excess Retained per Share	0.12	0.15	0.17
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.12	0.15	0.17
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.34	$28.63	$75.60
Upside / Downside	-31.81%	36.13%	259.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	329.52	350.94	373.75	398.05	423.92	451.48	465.02
Payout Ratio	47.38%	55.91%	64.43%	72.95%	81.48%	90.00%	92.50%
Projected Dividends (M)	156.14	196.20	240.81	290.39	345.40	406.33	430.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	180.40	182.11	183.82
Year 2 PV (M)	203.59	207.46	211.38
Year 3 PV (M)	225.73	232.21	238.81
Year 4 PV (M)	246.87	256.36	266.13
Year 5 PV (M)	267.03	279.93	293.32
PV of Terminal Value (M)	5,966.96	6,255.17	6,554.41
Equity Value (M)	7,090.58	7,413.25	7,747.87
Shares Outstanding (M)	866.85	866.85	866.85
Fair Value	$8.18	$8.55	$8.94
Upside / Downside	-61.10%	-59.33%	-57.50%

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Northking Information Technology Co., Ltd. (002987.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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