DDM Analysis: 000931.SZ

Valuation Snapshot

Stable Growth	$0.54 - $0.80	$0.67
Multi-Stage	$1.54 - $1.70	$1.62
Blended Fair Value	$1.14
Current Price	$5.27
Upside	-78.30%
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	-11.80%	-8.21%	0.04	0.04	0.05	0.05	0.08	0.07	0.08	0.15	0.09	0.11
YoY Growth	-	-	-12.11%	-19.15%	12.78%	-36.90%	5.53%	-12.38%	-45.55%	71.60%	-22.16%	24.82%
Dividend Yield	-	-	0.80%	0.93%	0.86%	0.62%	1.13%	0.84%	0.81%	2.33%	0.98%	1.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.45
(-) Cash Dividends Paid (M)	17.58
(=) Cash Retained (M)	33.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.29	6.43	3.86
Cash Retained (M)	33.88	33.88	33.88
(-) Cash Required (M)	-10.29	-6.43	-3.86
(=) Excess Retained (M)	23.59	27.45	30.02
(/) Shares Outstanding (M)	753.51	753.51	753.51
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.05	0.06	0.06
WACC / Discount Rate	5.93%	5.93%	5.93%
Growth Rate	-3.79%	-2.79%	-1.79%
Fair Value	$0.54	$0.67	$0.80
Upside / Downside	-89.74%	-87.36%	-84.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.45	50.02	48.62	47.26	45.94	44.66	46.00
Payout Ratio	34.16%	45.33%	56.50%	67.66%	78.83%	90.00%	92.50%
Projected Dividends (M)	17.58	22.67	27.47	31.98	36.22	40.19	42.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.93%	5.93%	5.93%
Growth Rate	-3.79%	-2.79%	-1.79%
Year 1 PV (M)	21.18	21.40	21.62
Year 2 PV (M)	23.98	24.48	24.99
Year 3 PV (M)	26.08	26.91	27.75
Year 4 PV (M)	27.60	28.77	29.97
Year 5 PV (M)	28.62	30.14	31.72
PV of Terminal Value (M)	1,035.16	1,090.09	1,147.33
Equity Value (M)	1,162.63	1,221.79	1,283.37
Shares Outstanding (M)	753.51	753.51	753.51
Fair Value	$1.54	$1.62	$1.70
Upside / Downside	-70.72%	-69.23%	-67.68%

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Beijing Centergate Technologies (holding) Co., Ltd. (000931.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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