DDM Analysis: 000156.SZ

Valuation Snapshot

Stable Growth	$5.41 - $11.52	$7.69
Multi-Stage	$3.90 - $4.26	$4.08
Blended Fair Value	$5.88
Current Price	$8.03
Upside	-26.73%
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	7.47%	36.28%	0.24	0.22	0.20	0.17	0.49	0.17	0.15	0.11	0.03	0.00
YoY Growth	-	-	10.90%	10.00%	17.65%	-65.12%	186.36%	10.00%	42.86%	300.00%	997.76%	-77.66%
Dividend Yield	-	-	2.94%	2.63%	2.24%	2.10%	5.87%	1.82%	1.22%	0.95%	0.16%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	531.30
(-) Cash Dividends Paid (M)	36.56
(=) Cash Retained (M)	494.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106.26	66.41	39.85
Cash Retained (M)	494.74	494.74	494.74
(-) Cash Required (M)	-106.26	-66.41	-39.85
(=) Excess Retained (M)	388.48	428.33	454.89
(/) Shares Outstanding (M)	1,852.55	1,852.55	1,852.55
(=) Excess Retained per Share	0.21	0.23	0.25
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.21	0.23	0.25
(=) Adjusted Dividend	0.23	0.25	0.27
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.47%	6.47%	7.47%
Fair Value	$5.41	$7.69	$11.52
Upside / Downside	-32.65%	-4.24%	43.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	531.30	565.67	602.27	641.24	682.72	726.90	748.70
Payout Ratio	6.88%	23.50%	40.13%	56.75%	73.38%	90.00%	92.50%
Projected Dividends (M)	36.56	132.96	241.68	363.92	500.96	654.21	692.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.47%	6.47%	7.47%
Year 1 PV (M)	119.80	120.93	122.07
Year 2 PV (M)	196.20	199.94	203.71
Year 3 PV (M)	266.19	273.83	281.62
Year 4 PV (M)	330.15	342.85	355.92
Year 5 PV (M)	388.47	407.24	426.72
PV of Terminal Value (M)	5,921.76	6,207.87	6,504.93
Equity Value (M)	7,222.57	7,552.66	7,894.97
Shares Outstanding (M)	1,852.55	1,852.55	1,852.55
Fair Value	$3.90	$4.08	$4.26
Upside / Downside	-51.45%	-49.23%	-46.93%

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Wasu Media Holding Co.,Ltd (000156.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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