DDM Analysis: 300797.SZ

Valuation Snapshot

Stable Growth	$2.88 - $4.12	$3.49
Multi-Stage	$4.36 - $4.80	$4.58
Blended Fair Value	$4.03
Current Price	$16.88
Upside	-76.11%
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%	0.10	0.09	0.07	0.02	0.02	0.00	0.01	0.37	0.02	0.02
YoY Growth	-	-	12.43%	35.17%	218.66%	14.29%	0.00%	-100.00%	-97.10%	2,282.46%	-13.89%	0.00%
Dividend Yield	-	-	0.75%	0.80%	0.57%	0.22%	0.18%	0.00%	0.17%	5.77%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	158.09
(-) Cash Dividends Paid (M)	1.06
(=) Cash Retained (M)	157.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.62	19.76	11.86
Cash Retained (M)	157.03	157.03	157.03
(-) Cash Required (M)	-31.62	-19.76	-11.86
(=) Excess Retained (M)	125.41	137.27	145.17
(/) Shares Outstanding (M)	377.37	377.37	377.37
(=) Excess Retained per Share	0.33	0.36	0.38
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.33	0.36	0.38
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	9.40%	9.40%	9.40%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.88	$3.49	$4.12
Upside / Downside	-82.94%	-79.34%	-75.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	158.09	156.51	154.94	153.39	151.86	150.34	154.85
Payout Ratio	0.67%	18.54%	36.40%	54.27%	72.13%	90.00%	92.50%
Projected Dividends (M)	1.06	29.01	56.40	83.24	109.54	135.31	143.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.40%	9.40%	9.40%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	26.25	26.52	26.78
Year 2 PV (M)	46.18	47.12	48.08
Year 3 PV (M)	61.66	63.57	65.52
Year 4 PV (M)	73.42	76.46	79.60
Year 5 PV (M)	82.05	86.33	90.78
PV of Terminal Value (M)	1,356.33	1,426.96	1,500.49
Equity Value (M)	1,645.89	1,726.95	1,811.25
Shares Outstanding (M)	377.37	377.37	377.37
Fair Value	$4.36	$4.58	$4.80
Upside / Downside	-74.16%	-72.89%	-71.57%

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NCS Testing Technology Co., Ltd. (300797.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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