DDM Analysis: 002592.SZ

Valuation Snapshot

Stable Growth	$2.15 - $2.95	$2.55
Multi-Stage	$3.47 - $3.83	$3.65
Blended Fair Value	$3.10
Current Price	$6.79
Upside	-54.37%
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	-43.12%	-32.59%	0.00	0.01	0.01	0.03	0.08	0.06	0.26	0.26	0.18	0.10
YoY Growth	-	-	-61.57%	-25.58%	-53.12%	-63.95%	23.22%	-75.63%	0.00%	42.04%	88.13%	-50.00%
Dividend Yield	-	-	0.07%	0.16%	0.26%	0.55%	2.24%	0.69%	0.92%	1.17%	0.62%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.27
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	112.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.45	14.03	8.42
Cash Retained (M)	112.27	112.27	112.27
(-) Cash Required (M)	-22.45	-14.03	-8.42
(=) Excess Retained (M)	89.82	98.24	103.85
(/) Shares Outstanding (M)	277.17	277.17	277.17
(=) Excess Retained per Share	0.32	0.35	0.37
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.32	0.35	0.37
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	-4.58%	-3.58%	-2.58%
Fair Value	$2.15	$2.55	$2.95
Upside / Downside	-68.36%	-62.42%	-56.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.27	108.25	104.37	100.64	97.03	93.56	96.36
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	19.49	37.58	54.34	69.86	84.20	89.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	-4.58%	-3.58%	-2.58%
Year 1 PV (M)	17.56	17.75	17.93
Year 2 PV (M)	30.52	31.16	31.81
Year 3 PV (M)	39.78	41.04	42.33
Year 4 PV (M)	46.08	48.05	50.07
Year 5 PV (M)	50.05	52.73	55.53
PV of Terminal Value (M)	777.94	819.57	862.96
Equity Value (M)	961.94	1,010.30	1,060.63
Shares Outstanding (M)	277.17	277.17	277.17
Fair Value	$3.47	$3.65	$3.83
Upside / Downside	-48.89%	-46.32%	-43.64%

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Nanning Baling Technology Co., Ltd. (002592.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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