DDM Analysis: 300008.SZ

Valuation Snapshot

Stable Growth	$4.42 - $13.61	$7.06
Multi-Stage	$2.87 - $3.14	$3.01
Blended Fair Value	$5.03
Current Price	$6.28
Upside	-19.85%
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	9.37%	8.94%	0.02	0.01	0.00	0.01	0.02	0.01	0.01	0.02	0.01	0.01
YoY Growth	-	-	154.02%	92.46%	-28.08%	-67.77%	38.11%	35.85%	-55.00%	87.83%	63.57%	-19.92%
Dividend Yield	-	-	0.36%	0.22%	0.10%	0.13%	0.37%	1.01%	0.42%	0.55%	0.19%	0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	293.48
(-) Cash Dividends Paid (M)	36.99
(=) Cash Retained (M)	256.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58.70	36.68	22.01
Cash Retained (M)	256.49	256.49	256.49
(-) Cash Required (M)	-58.70	-36.68	-22.01
(=) Excess Retained (M)	197.79	219.81	234.48
(/) Shares Outstanding (M)	1,728.14	1,728.14	1,728.14
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	8.74%	8.74%	8.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.42	$7.06	$13.61
Upside / Downside	-29.58%	12.44%	116.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	293.48	312.55	332.87	354.51	377.55	402.09	414.15
Payout Ratio	12.60%	28.08%	43.56%	59.04%	74.52%	90.00%	92.50%
Projected Dividends (M)	36.99	87.77	145.01	209.31	281.35	361.88	383.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.74%	8.74%	8.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	79.96	80.72	81.48
Year 2 PV (M)	120.34	122.63	124.94
Year 3 PV (M)	158.24	162.78	167.41
Year 4 PV (M)	193.77	201.22	208.89
Year 5 PV (M)	227.05	238.01	249.40
PV of Terminal Value (M)	4,186.50	4,388.71	4,598.66
Equity Value (M)	4,965.85	5,194.07	5,430.77
Shares Outstanding (M)	1,728.14	1,728.14	1,728.14
Fair Value	$2.87	$3.01	$3.14
Upside / Downside	-54.24%	-52.14%	-49.96%

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Bestway Marine & Energy Technology Co.,Ltd (300008.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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