DDM Analysis: 603009.SS

Valuation Snapshot

Stable Growth	$50.80 - $59.86	$56.09
Multi-Stage	$39.22 - $43.04	$41.09
Blended Fair Value	$48.59
Current Price	$55.13
Upside	-11.86%
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	0.92%	0.00%	0.16	0.16	0.18	0.11	0.10	0.16	0.17	0.05	0.13	0.12
YoY Growth	-	-	1.85%	-12.52%	63.16%	17.52%	-38.73%	-5.97%	234.87%	-61.19%	3.15%	0.00%
Dividend Yield	-	-	0.37%	1.00%	2.73%	1.81%	1.78%	2.37%	2.07%	0.43%	0.65%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	103.30
(-) Cash Dividends Paid (M)	60.63
(=) Cash Retained (M)	42.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.66	12.91	7.75
Cash Retained (M)	42.67	42.67	42.67
(-) Cash Required (M)	-20.66	-12.91	-7.75
(=) Excess Retained (M)	22.01	29.75	34.92
(/) Shares Outstanding (M)	343.21	343.21	343.21
(=) Excess Retained per Share	0.06	0.09	0.10
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.06	0.09	0.10
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	-0.19%	-0.19%	-0.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$50.80	$56.09	$59.86
Upside / Downside	-7.85%	1.75%	8.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	103.30	110.01	117.16	124.78	132.89	141.53	145.77
Payout Ratio	58.70%	64.96%	71.22%	77.48%	83.74%	90.00%	92.50%
Projected Dividends (M)	60.63	71.46	83.44	96.67	111.28	127.37	134.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.19%	-0.19%	-0.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	70.92	71.59	72.27
Year 2 PV (M)	82.19	83.75	85.33
Year 3 PV (M)	94.51	97.22	99.98
Year 4 PV (M)	107.96	112.11	116.39
Year 5 PV (M)	122.65	128.57	134.72
PV of Terminal Value (M)	12,983.42	13,610.52	14,261.62
Equity Value (M)	13,461.64	14,103.77	14,770.31
Shares Outstanding (M)	343.21	343.21	343.21
Fair Value	$39.22	$41.09	$43.04
Upside / Downside	-28.85%	-25.46%	-21.94%

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Financial Statements

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Ticker

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Sector

Shanghai Beite Technology Co., Ltd. (603009.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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