DDM Analysis: 300698.SZ

Valuation Snapshot

Stable Growth	$8.08 - $23.74	$12.73
Multi-Stage	$5.28 - $5.77	$5.52
Blended Fair Value	$9.13
Current Price	$48.22
Upside	-81.07%
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	52.99%	14.48%	0.26	0.03	0.03	0.04	0.03	0.03	0.07	0.01	0.02	0.13
YoY Growth	-	-	768.37%	-9.26%	-17.43%	56.39%	-17.63%	-52.94%	537.89%	-39.54%	-86.42%	87.12%
Dividend Yield	-	-	0.68%	0.09%	0.12%	0.22%	0.17%	0.15%	0.37%	0.04%	0.20%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.77
(-) Cash Dividends Paid (M)	3.26
(=) Cash Retained (M)	39.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.55	5.35	3.21
Cash Retained (M)	39.51	39.51	39.51
(-) Cash Required (M)	-8.55	-5.35	-3.21
(=) Excess Retained (M)	30.96	34.16	36.30
(/) Shares Outstanding (M)	133.88	133.88	133.88
(=) Excess Retained per Share	0.23	0.26	0.27
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.23	0.26	0.27
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.08	$12.73	$23.74
Upside / Downside	-83.25%	-73.59%	-50.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.77	45.55	48.51	51.66	55.02	58.59	60.35
Payout Ratio	7.61%	24.09%	40.57%	57.05%	73.52%	90.00%	92.50%
Projected Dividends (M)	3.26	10.97	19.68	29.47	40.45	52.73	55.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9.99	10.08	10.18
Year 2 PV (M)	16.30	16.61	16.93
Year 3 PV (M)	22.22	22.86	23.51
Year 4 PV (M)	27.76	28.83	29.93
Year 5 PV (M)	32.94	34.53	36.18
PV of Terminal Value (M)	597.31	626.16	656.12
Equity Value (M)	706.52	739.07	772.83
Shares Outstanding (M)	133.88	133.88	133.88
Fair Value	$5.28	$5.52	$5.77
Upside / Downside	-89.06%	-88.55%	-88.03%

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Wanma Technology Co., Ltd. (300698.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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