DDM Analysis: 300711.SZ

Valuation Snapshot

Stable Growth	$10.88 - $46.89	$18.86
Multi-Stage	$6.94 - $7.58	$7.25
Blended Fair Value	$13.06
Current Price	$20.73
Upside	-37.01%
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	43.52%	-6.82%	0.10	0.07	0.09	0.03	0.02	0.02	0.05	0.11	0.16	0.00
YoY Growth	-	-	50.00%	-27.27%	189.47%	56.91%	22.89%	-64.53%	-57.31%	-32.84%	0.00%	-100.00%
Dividend Yield	-	-	0.44%	0.50%	0.76%	0.29%	0.18%	0.15%	0.39%	0.69%	2.32%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88.35
(-) Cash Dividends Paid (M)	54.34
(=) Cash Retained (M)	34.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.67	11.04	6.63
Cash Retained (M)	34.02	34.02	34.02
(-) Cash Required (M)	-17.67	-11.04	-6.63
(=) Excess Retained (M)	16.35	22.97	27.39
(/) Shares Outstanding (M)	249.13	249.13	249.13
(=) Excess Retained per Share	0.07	0.09	0.11
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.07	0.09	0.11
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.88	$18.86	$46.89
Upside / Downside	-47.53%	-9.01%	126.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88.35	94.10	100.21	106.73	113.66	121.05	124.68
Payout Ratio	61.50%	67.20%	72.90%	78.60%	84.30%	90.00%	92.50%
Projected Dividends (M)	54.34	63.23	73.05	83.89	95.82	108.95	115.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	57.86	58.41	58.96
Year 2 PV (M)	61.18	62.34	63.52
Year 3 PV (M)	64.28	66.13	68.01
Year 4 PV (M)	67.19	69.78	72.43
Year 5 PV (M)	69.91	73.29	76.79
PV of Terminal Value (M)	1,409.14	1,477.20	1,547.87
Equity Value (M)	1,729.56	1,807.15	1,887.58
Shares Outstanding (M)	249.13	249.13	249.13
Fair Value	$6.94	$7.25	$7.58
Upside / Downside	-66.51%	-65.01%	-63.45%

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GHT Co.,Ltd (300711.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener