DDM Analysis: 600589.SS

Valuation Snapshot

Stable Growth	$0.20 - $0.29	$0.25
Multi-Stage	$0.31 - $0.34	$0.32
Blended Fair Value	$0.29
Current Price	$7.34
Upside	-96.11%
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	31.03%	12.45%	0.04	0.00	0.00	0.03	0.06	0.01	0.12	0.10	0.08	0.06
YoY Growth	-	-	0.00%	0.00%	-100.00%	-42.74%	491.87%	-91.80%	20.71%	25.83%	23.14%	445.70%
Dividend Yield	-	-	0.49%	0.00%	0.00%	1.25%	2.13%	0.16%	1.98%	1.79%	0.93%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.71
(-) Cash Dividends Paid (M)	5.48
(=) Cash Retained (M)	38.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.74	5.46	3.28
Cash Retained (M)	38.23	38.23	38.23
(-) Cash Required (M)	-8.74	-5.46	-3.28
(=) Excess Retained (M)	29.49	32.77	34.95
(/) Shares Outstanding (M)	1,436.10	1,436.10	1,436.10
(=) Excess Retained per Share	0.02	0.02	0.02
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.02	0.02	0.02
(=) Adjusted Dividend	0.02	0.03	0.03
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.20	$0.25	$0.29
Upside / Downside	-97.21%	-96.63%	-96.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.71	43.27	42.84	42.41	41.98	41.56	42.81
Payout Ratio	12.53%	28.02%	43.52%	59.01%	74.51%	90.00%	92.50%
Projected Dividends (M)	5.48	12.13	18.64	25.03	31.28	37.41	39.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	10.95	11.06	11.17
Year 2 PV (M)	15.19	15.50	15.82
Year 3 PV (M)	18.41	18.98	19.56
Year 4 PV (M)	20.77	21.63	22.51
Year 5 PV (M)	22.42	23.58	24.80
PV of Terminal Value (M)	356.08	374.62	393.93
Equity Value (M)	443.81	465.37	487.79
Shares Outstanding (M)	1,436.10	1,436.10	1,436.10
Fair Value	$0.31	$0.32	$0.34
Upside / Downside	-95.79%	-95.59%	-95.37%

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Dawei Technology (Guangdong) Group Co., Ltd. (600589.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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