DDM Analysis: 300942.SZ

Valuation Snapshot

Stable Growth	$0.53 - $0.77	$0.65
Multi-Stage	$1.05 - $1.16	$1.10
Blended Fair Value	$0.88
Current Price	$10.55
Upside	-91.70%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-5.28%	0.00%	0.01	0.02	0.25	0.04	0.11	0.02	0.02	0.07	0.00	0.00
YoY Growth	-	-	-37.20%	-91.49%	453.33%	-59.91%	542.86%	0.00%	-75.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.15%	0.23%	1.51%	0.15%	0.47%	0.05%	0.05%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.24
(-) Cash Dividends Paid (M)	11.07
(=) Cash Retained (M)	20.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.25	3.91	2.34
Cash Retained (M)	20.18	20.18	20.18
(-) Cash Required (M)	-6.25	-3.91	-2.34
(=) Excess Retained (M)	13.93	16.27	17.83
(/) Shares Outstanding (M)	406.71	406.71	406.71
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	7.88%	7.88%	7.88%
Growth Rate	-3.28%	-2.28%	-1.28%
Fair Value	$0.53	$0.65	$0.77
Upside / Downside	-94.95%	-93.87%	-92.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.24	30.53	29.83	29.15	28.49	27.84	28.67
Payout Ratio	35.42%	46.34%	57.25%	68.17%	79.08%	90.00%	92.50%
Projected Dividends (M)	11.07	14.15	17.08	19.87	22.53	25.05	26.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.88%	7.88%	7.88%
Growth Rate	-3.28%	-2.28%	-1.28%
Year 1 PV (M)	12.98	13.11	13.25
Year 2 PV (M)	14.38	14.68	14.98
Year 3 PV (M)	15.35	15.83	16.32
Year 4 PV (M)	15.96	16.63	17.32
Year 5 PV (M)	16.29	17.15	18.04
PV of Terminal Value (M)	353.11	371.75	391.16
Equity Value (M)	428.06	449.14	471.07
Shares Outstanding (M)	406.71	406.71	406.71
Fair Value	$1.05	$1.10	$1.16
Upside / Downside	-90.02%	-89.53%	-89.02%

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DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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Shenzhen Bioeasy Biotechnology Co., Ltd. (300942.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener