DDM Analysis: 000973.SZ

Valuation Snapshot

Stable Growth	$18.96 - $22.38	$20.96
Multi-Stage	$26.34 - $29.18	$27.73
Blended Fair Value	$24.35
Current Price	$7.82
Upside	211.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.66%	11.38%	0.09	0.04	0.04	0.03	0.03	0.06	0.03	0.05	0.05	0.12
YoY Growth	-	-	104.92%	13.16%	26.67%	0.00%	-48.42%	93.88%	-40.00%	0.00%	-57.94%	296.28%
Dividend Yield	-	-	1.29%	1.01%	0.78%	0.58%	0.74%	1.31%	0.59%	0.94%	0.59%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	120.33
(-) Cash Dividends Paid (M)	50.19
(=) Cash Retained (M)	70.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.07	15.04	9.02
Cash Retained (M)	70.14	70.14	70.14
(-) Cash Required (M)	-24.07	-15.04	-9.02
(=) Excess Retained (M)	46.08	55.10	61.12
(/) Shares Outstanding (M)	974.41	974.41	974.41
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	-17.84%	-17.84%	-17.84%
Growth Rate	-4.02%	-3.02%	-2.02%
Fair Value	$18.96	$20.96	$22.38
Upside / Downside	142.51%	168.01%	186.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	120.33	116.70	113.18	109.76	106.45	103.24	106.34
Payout Ratio	41.71%	51.37%	61.02%	70.68%	80.34%	90.00%	92.50%
Projected Dividends (M)	50.19	59.94	69.07	77.58	85.52	92.92	98.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-17.84%	-17.84%	-17.84%
Growth Rate	-4.02%	-3.02%	-2.02%
Year 1 PV (M)	72.21	72.96	73.71
Year 2 PV (M)	100.22	102.32	104.44
Year 3 PV (M)	135.61	139.89	144.26
Year 4 PV (M)	180.07	187.69	195.55
Year 5 PV (M)	235.65	248.19	261.25
PV of Terminal Value (M)	24,946.68	26,273.57	27,656.34
Equity Value (M)	25,670.43	27,024.62	28,435.55
Shares Outstanding (M)	974.41	974.41	974.41
Fair Value	$26.34	$27.73	$29.18
Upside / Downside	236.89%	254.66%	273.17%

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FSPG Hi-Tech Co. Ltd. (000973.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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