DDM Analysis: 688338.SS

Valuation Snapshot

Stable Growth	$13.17 - $24.03	$17.67
Multi-Stage	$12.57 - $13.73	$13.14
Blended Fair Value	$15.41
Current Price	$26.52
Upside	-41.91%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	95.76%	0.00%	0.26	0.20	0.19	0.31	0.11	0.01	0.04	0.18	0.03	0.00
YoY Growth	-	-	30.00%	4.00%	-37.50%	172.16%	1,150.00%	-76.24%	-79.05%	482.37%	0.00%	0.00%
Dividend Yield	-	-	1.06%	0.80%	0.52%	1.02%	0.32%	0.01%	0.03%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.90
(-) Cash Dividends Paid (M)	34.34
(=) Cash Retained (M)	59.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.78	11.74	7.04
Cash Retained (M)	59.56	59.56	59.56
(-) Cash Required (M)	-18.78	-11.74	-7.04
(=) Excess Retained (M)	40.78	47.82	52.52
(/) Shares Outstanding (M)	104.91	104.91	104.91
(=) Excess Retained per Share	0.39	0.46	0.50
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.39	0.46	0.50
(=) Adjusted Dividend	0.72	0.78	0.83
WACC / Discount Rate	9.56%	9.56%	9.56%
Growth Rate	3.91%	4.91%	5.91%
Fair Value	$13.17	$17.67	$24.03
Upside / Downside	-50.33%	-33.36%	-9.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.90	98.51	103.34	108.41	113.73	119.31	122.89
Payout Ratio	36.57%	47.25%	57.94%	68.63%	79.31%	90.00%	92.50%
Projected Dividends (M)	34.34	46.55	59.88	74.40	90.20	107.38	113.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.56%	9.56%	9.56%
Growth Rate	3.91%	4.91%	5.91%
Year 1 PV (M)	42.08	42.49	42.89
Year 2 PV (M)	48.94	49.89	50.84
Year 3 PV (M)	54.98	56.58	58.21
Year 4 PV (M)	60.26	62.62	65.04
Year 5 PV (M)	64.86	68.04	71.34
PV of Terminal Value (M)	1,047.31	1,098.69	1,152.06
Equity Value (M)	1,318.43	1,378.30	1,440.39
Shares Outstanding (M)	104.91	104.91	104.91
Fair Value	$12.57	$13.14	$13.73
Upside / Downside	-52.61%	-50.46%	-48.23%

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Beijing Succeeder Technology Inc. (688338.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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