DDM Analysis: 300222.SZ

Valuation Snapshot

Stable Growth	$1.03 - $1.49	$1.25
Multi-Stage	$1.64 - $1.81	$1.72
Blended Fair Value	$1.49
Current Price	$13.56
Upside	-89.04%
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	-38.46%	-5.77%	0.02	0.02	0.03	0.05	0.06	0.17	0.13	0.06	0.05	0.02
YoY Growth	-	-	-34.01%	-34.44%	-25.45%	-15.13%	-67.76%	33.70%	128.66%	3.54%	221.58%	-38.56%
Dividend Yield	-	-	0.15%	0.35%	0.44%	0.62%	0.73%	2.26%	1.69%	0.74%	0.71%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	111.37
(-) Cash Dividends Paid (M)	6.69
(=) Cash Retained (M)	104.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.27	13.92	8.35
Cash Retained (M)	104.68	104.68	104.68
(-) Cash Required (M)	-22.27	-13.92	-8.35
(=) Excess Retained (M)	82.40	90.76	96.32
(/) Shares Outstanding (M)	778.75	778.75	778.75
(=) Excess Retained per Share	0.11	0.12	0.12
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.11	0.12	0.12
(=) Adjusted Dividend	0.11	0.13	0.13
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.03	$1.25	$1.49
Upside / Downside	-92.42%	-90.77%	-89.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	111.37	110.26	109.15	108.06	106.98	105.91	109.09
Payout Ratio	6.01%	22.81%	39.61%	56.40%	73.20%	90.00%	92.50%
Projected Dividends (M)	6.69	25.15	43.23	60.95	78.31	95.32	100.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	22.86	23.09	23.32
Year 2 PV (M)	35.72	36.45	37.19
Year 3 PV (M)	45.78	47.19	48.64
Year 4 PV (M)	53.46	55.68	57.96
Year 5 PV (M)	59.15	62.23	65.44
PV of Terminal Value (M)	1,061.11	1,116.36	1,173.89
Equity Value (M)	1,278.08	1,341.01	1,406.45
Shares Outstanding (M)	778.75	778.75	778.75
Fair Value	$1.64	$1.72	$1.81
Upside / Downside	-87.90%	-87.30%	-86.68%

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CSG Smart Science&Technology Co.,Ltd. (300222.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener