DDM Analysis: 300950.SZ

Valuation Snapshot

Stable Growth	$79.42 - $93.58	$87.69
Multi-Stage	$56.27 - $61.74	$58.95
Blended Fair Value	$73.32
Current Price	$32.02
Upside	128.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.73%	10.86%	0.15	0.10	0.07	0.07	0.30	0.30	0.15	0.02	0.10	0.02
YoY Growth	-	-	49.13%	46.56%	5.30%	-77.89%	-0.54%	96.63%	662.88%	-79.62%	495.98%	-69.61%
Dividend Yield	-	-	0.88%	0.74%	0.36%	0.35%	0.88%	0.74%	0.38%	0.00%	0.24%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.80
(-) Cash Dividends Paid (M)	31.21
(=) Cash Retained (M)	39.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.16	8.85	5.31
Cash Retained (M)	39.60	39.60	39.60
(-) Cash Required (M)	-14.16	-8.85	-5.31
(=) Excess Retained (M)	25.44	30.75	34.29
(/) Shares Outstanding (M)	150.48	150.48	150.48
(=) Excess Retained per Share	0.17	0.20	0.23
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.17	0.20	0.23
(=) Adjusted Dividend	0.38	0.41	0.44
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.42	$87.69	$93.58
Upside / Downside	148.05%	173.87%	192.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.80	75.41	80.31	85.53	91.09	97.01	99.92
Payout Ratio	44.07%	53.26%	62.44%	71.63%	80.81%	90.00%	92.50%
Projected Dividends (M)	31.21	40.16	50.15	61.26	73.61	87.31	92.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.19	39.56	39.93
Year 2 PV (M)	47.75	48.66	49.58
Year 3 PV (M)	56.93	58.57	60.23
Year 4 PV (M)	66.76	69.32	71.96
Year 5 PV (M)	77.26	80.99	84.87
PV of Terminal Value (M)	8,179.12	8,574.18	8,984.35
Equity Value (M)	8,467.02	8,871.28	9,290.93
Shares Outstanding (M)	150.48	150.48	150.48
Fair Value	$56.27	$58.95	$61.74
Upside / Downside	75.72%	84.11%	92.82%

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Doright Co.,Ltd. (300950.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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