DDM Analysis: 300546.SZ

Valuation Snapshot

Stable Growth	$1.35 - $1.91	$1.62
Multi-Stage	$2.02 - $2.22	$2.12
Blended Fair Value	$1.87
Current Price	$26.23
Upside	-92.87%
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	0.00%	0.00%	0.00	0.02	0.00	0.00	0.09	0.11	0.11	0.15	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	-100.00%	-98.31%	-18.44%	-0.08%	-24.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.00%	0.20%	0.00%	0.00%	0.95%	0.59%	0.45%	0.87%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	36.79
(-) Cash Dividends Paid (M)	8.40
(=) Cash Retained (M)	28.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.36	4.60	2.76
Cash Retained (M)	28.39	28.39	28.39
(-) Cash Required (M)	-7.36	-4.60	-2.76
(=) Excess Retained (M)	21.03	23.79	25.63
(/) Shares Outstanding (M)	178.56	178.56	178.56
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.35	$1.62	$1.91
Upside / Downside	-94.86%	-93.81%	-92.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36.79	36.42	36.06	35.70	35.34	34.99	36.04
Payout Ratio	22.83%	36.26%	49.70%	63.13%	76.57%	90.00%	92.50%
Projected Dividends (M)	8.40	13.21	17.92	22.54	27.06	31.49	33.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.89	12.01	12.13
Year 2 PV (M)	14.52	14.81	15.11
Year 3 PV (M)	16.43	16.94	17.46
Year 4 PV (M)	17.75	18.49	19.25
Year 5 PV (M)	18.59	19.56	20.57
PV of Terminal Value (M)	281.70	296.37	311.65
Equity Value (M)	360.89	378.19	396.17
Shares Outstanding (M)	178.56	178.56	178.56
Fair Value	$2.02	$2.12	$2.22
Upside / Downside	-92.29%	-91.93%	-91.54%

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Shenzhen Emperor Technology Co., Ltd. (300546.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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