DDM Analysis: 001223.SZ

Valuation Snapshot

Stable Growth	$6.16 - $8.76	$7.44
Multi-Stage	$9.30 - $10.22	$9.75
Blended Fair Value	$8.60
Current Price	$50.98
Upside	-83.14%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	93.97%	0.00%	0.74	0.00	0.01	0.16	0.55	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	42,331.54%	-86.25%	-92.08%	-70.82%	1,936.68%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.00%	0.01%	0.02%	0.28%	0.96%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.95
(-) Cash Dividends Paid (M)	12.30
(=) Cash Retained (M)	55.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.59	8.49	5.10
Cash Retained (M)	55.65	55.65	55.65
(-) Cash Required (M)	-13.59	-8.49	-5.10
(=) Excess Retained (M)	42.06	47.16	50.56
(/) Shares Outstanding (M)	73.35	73.35	73.35
(=) Excess Retained per Share	0.57	0.64	0.69
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.57	0.64	0.69
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.16	$7.44	$8.76
Upside / Downside	-87.91%	-85.41%	-82.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.95	67.27	66.60	65.93	65.27	64.62	66.56
Payout Ratio	18.10%	32.48%	46.86%	61.24%	75.62%	90.00%	92.50%
Projected Dividends (M)	12.30	21.85	31.21	40.37	49.36	58.16	61.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	19.70	19.90	20.10
Year 2 PV (M)	25.37	25.89	26.42
Year 3 PV (M)	29.60	30.51	31.44
Year 4 PV (M)	32.62	33.97	35.37
Year 5 PV (M)	34.66	36.46	38.34
PV of Terminal Value (M)	540.50	568.65	597.95
Equity Value (M)	682.44	715.38	749.62
Shares Outstanding (M)	73.35	73.35	73.35
Fair Value	$9.30	$9.75	$10.22
Upside / Downside	-81.75%	-80.87%	-79.95%

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OK Science and Technology Co., Ltd. (001223.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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