DDM Analysis: 000997.SZ

Valuation Snapshot

Stable Growth	$48.26 - $218.59	$111.07
Multi-Stage	$25.49 - $27.86	$26.65
Blended Fair Value	$68.86
Current Price	$29.56
Upside	132.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.15%	26.84%	0.56	0.29	0.25	0.36	0.13	0.31	0.12	0.06	0.11	0.00
YoY Growth	-	-	92.75%	13.63%	-29.76%	173.01%	-57.76%	171.00%	78.77%	-42.90%	25,622.76%	-99.15%
Dividend Yield	-	-	1.87%	1.62%	1.52%	2.15%	0.94%	1.99%	0.63%	0.31%	0.55%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,108.99
(-) Cash Dividends Paid (M)	561.75
(=) Cash Retained (M)	547.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	221.80	138.62	83.17
Cash Retained (M)	547.24	547.24	547.24
(-) Cash Required (M)	-221.80	-138.62	-83.17
(=) Excess Retained (M)	325.44	408.62	464.07
(/) Shares Outstanding (M)	1,008.99	1,008.99	1,008.99
(=) Excess Retained per Share	0.32	0.40	0.46
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.32	0.40	0.46
(=) Adjusted Dividend	0.88	0.96	1.02
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$48.26	$111.07	$218.59
Upside / Downside	63.27%	275.75%	639.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,108.99	1,181.08	1,257.85	1,339.61	1,426.68	1,519.42	1,565.00
Payout Ratio	50.65%	58.52%	66.39%	74.26%	82.13%	90.00%	92.50%
Projected Dividends (M)	561.75	691.21	835.12	994.82	1,171.75	1,367.48	1,447.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	637.41	643.45	649.49
Year 2 PV (M)	710.18	723.70	737.36
Year 3 PV (M)	780.14	802.53	825.35
Year 4 PV (M)	847.36	879.95	913.47
Year 5 PV (M)	911.94	955.98	1,001.72
PV of Terminal Value (M)	21,830.70	22,885.13	23,979.91
Equity Value (M)	25,717.72	26,890.75	28,107.30
Shares Outstanding (M)	1,008.99	1,008.99	1,008.99
Fair Value	$25.49	$26.65	$27.86
Upside / Downside	-13.77%	-9.84%	-5.76%

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Newland Digital Technology Co.,Ltd. (000997.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener