DDM Analysis: 600198.SS

Valuation Snapshot

Stable Growth	$0.11 - $0.14	$0.13
Multi-Stage	$0.22 - $0.25	$0.23
Blended Fair Value	$0.18
Current Price	$8.09
Upside	-97.79%
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	-40.84%	-29.10%	0.01	0.01	0.01	0.18	0.10	0.12	0.14	0.24	0.22	0.30
YoY Growth	-	-	28.06%	-49.57%	-92.73%	69.84%	-9.15%	-18.22%	-40.30%	5.02%	-25.33%	15.68%
Dividend Yield	-	-	0.10%	0.10%	0.17%	2.41%	1.61%	1.29%	1.18%	2.87%	1.42%	1.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.87
(-) Cash Dividends Paid (M)	8.37
(=) Cash Retained (M)	60.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.77	8.61	5.17
Cash Retained (M)	60.50	60.50	60.50
(-) Cash Required (M)	-13.77	-8.61	-5.17
(=) Excess Retained (M)	46.72	51.89	55.33
(/) Shares Outstanding (M)	1,306.40	1,306.40	1,306.40
(=) Excess Retained per Share	0.04	0.04	0.04
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.04	0.04	0.04
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	-21.24%	-20.24%	-19.24%
Fair Value	$0.11	$0.13	$0.14
Upside / Downside	-98.64%	-98.45%	-98.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.87	54.93	43.81	34.94	27.87	22.23	22.90
Payout Ratio	12.15%	27.72%	43.29%	58.86%	74.43%	90.00%	92.50%
Projected Dividends (M)	8.37	15.23	18.97	20.57	20.75	20.01	21.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	-21.24%	-20.24%	-19.24%
Year 1 PV (M)	13.79	13.97	14.14
Year 2 PV (M)	15.56	15.96	16.36
Year 3 PV (M)	15.29	15.88	16.48
Year 4 PV (M)	13.97	14.69	15.44
Year 5 PV (M)	12.20	13.00	13.84
PV of Terminal Value (M)	215.08	229.09	243.81
Equity Value (M)	285.90	302.59	320.08
Shares Outstanding (M)	1,306.40	1,306.40	1,306.40
Fair Value	$0.22	$0.23	$0.25
Upside / Downside	-97.29%	-97.14%	-96.97%

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Datang Telecom Technology Co., Ltd. (600198.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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