DDM Analysis: 002617.SZ

Valuation Snapshot

Stable Growth	$24.06 - $28.34	$26.56
Multi-Stage	$16.02 - $17.58	$16.79
Blended Fair Value	$21.67
Current Price	$9.28
Upside	133.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.83%	23.71%	0.04	0.04	0.06	0.07	0.08	0.07	0.01	0.01	0.01	0.00
YoY Growth	-	-	-8.60%	-27.41%	-9.56%	-16.63%	6.51%	864.75%	-33.33%	27.50%	860.56%	-80.00%
Dividend Yield	-	-	0.51%	0.76%	0.66%	0.60%	1.13%	1.50%	0.16%	0.12%	0.09%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	270.13
(-) Cash Dividends Paid (M)	52.85
(=) Cash Retained (M)	217.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.03	33.77	20.26
Cash Retained (M)	217.28	217.28	217.28
(-) Cash Required (M)	-54.03	-33.77	-20.26
(=) Excess Retained (M)	163.25	183.51	197.02
(/) Shares Outstanding (M)	1,895.47	1,895.47	1,895.47
(=) Excess Retained per Share	0.09	0.10	0.10
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.09	0.10	0.10
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	2.69%	2.69%	2.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$24.06	$26.56	$28.34
Upside / Downside	159.22%	186.21%	205.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	270.13	287.68	306.38	326.30	347.51	370.10	381.20
Payout Ratio	19.56%	33.65%	47.74%	61.83%	75.91%	90.00%	92.50%
Projected Dividends (M)	52.85	96.81	146.26	201.74	263.80	333.09	352.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.69%	2.69%	2.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	93.38	94.27	95.16
Year 2 PV (M)	136.10	138.69	141.31
Year 3 PV (M)	181.08	186.27	191.57
Year 4 PV (M)	228.41	237.19	246.23
Year 5 PV (M)	278.20	291.63	305.58
PV of Terminal Value (M)	29,450.07	30,872.52	32,349.41
Equity Value (M)	30,367.23	31,820.58	33,329.25
Shares Outstanding (M)	1,895.47	1,895.47	1,895.47
Fair Value	$16.02	$16.79	$17.58
Upside / Downside	72.64%	80.90%	89.48%

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Roshow Technology Co., Ltd. (002617.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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