DDM Analysis: 603025.SS

Valuation Snapshot

Stable Growth	$50.50 - $123.69	$115.92
Multi-Stage	$18.26 - $19.97	$19.10
Blended Fair Value	$67.51
Current Price	$16.93
Upside	298.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.42%	9.08%	0.31	0.17	0.33	0.18	0.18	0.25	0.41	0.18	0.16	0.14
YoY Growth	-	-	85.76%	-50.00%	81.47%	-0.01%	-26.33%	-39.10%	125.77%	12.50%	17.65%	5.54%
Dividend Yield	-	-	2.21%	1.53%	2.45%	1.11%	1.05%	3.86%	4.07%	1.40%	1.18%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	692.88
(-) Cash Dividends Paid (M)	395.83
(=) Cash Retained (M)	297.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	138.58	86.61	51.97
Cash Retained (M)	297.05	297.05	297.05
(-) Cash Required (M)	-138.58	-86.61	-51.97
(=) Excess Retained (M)	158.47	210.44	245.08
(/) Shares Outstanding (M)	1,114.03	1,114.03	1,114.03
(=) Excess Retained per Share	0.14	0.19	0.22
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.14	0.19	0.22
(=) Adjusted Dividend	0.50	0.54	0.58
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$50.50	$115.92	$123.69
Upside / Downside	198.32%	584.69%	630.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	692.88	737.92	785.88	836.96	891.37	949.30	977.78
Payout Ratio	57.13%	63.70%	70.28%	76.85%	83.43%	90.00%	92.50%
Projected Dividends (M)	395.83	470.07	552.29	643.22	743.63	854.37	904.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	437.08	441.22	445.36
Year 2 PV (M)	477.48	486.58	495.76
Year 3 PV (M)	517.05	531.90	547.02
Year 4 PV (M)	555.81	577.19	599.17
Year 5 PV (M)	593.76	622.44	652.22
PV of Terminal Value (M)	17,759.16	18,616.93	19,507.53
Equity Value (M)	20,340.34	21,276.25	22,247.06
Shares Outstanding (M)	1,114.03	1,114.03	1,114.03
Fair Value	$18.26	$19.10	$19.97
Upside / Downside	7.85%	12.81%	17.96%

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Beijing Dahao Technology Corp.,Ltd (603025.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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