DDM Analysis: 001223.SZ

Valuation Snapshot

Stable Growth	$19.87 - $51.77	$30.22
Multi-Stage	$76.00 - $83.99	$79.91
Blended Fair Value	$55.07
Current Price	$50.98
Upside	8.02%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	93.97%	0.00%	0.74	0.00	0.01	0.16	0.55	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	42,331.54%	-86.25%	-92.08%	-70.82%	1,936.68%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.00%	0.01%	0.02%	0.28%	0.96%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.95
(-) Cash Dividends Paid (M)	12.30
(=) Cash Retained (M)	55.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.59	8.49	5.10
Cash Retained (M)	55.65	55.65	55.65
(-) Cash Required (M)	-13.59	-8.49	-5.10
(=) Excess Retained (M)	42.06	47.16	50.56
(/) Shares Outstanding (M)	73.35	73.35	73.35
(=) Excess Retained per Share	0.57	0.64	0.69
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.57	0.64	0.69
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	1.66%	1.66%	1.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$19.87	$30.22	$51.77
Upside / Downside	-61.02%	-40.71%	1.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.95	67.27	66.60	65.93	65.27	64.62	66.56
Payout Ratio	18.10%	32.48%	46.86%	61.24%	75.62%	90.00%	92.50%
Projected Dividends (M)	12.30	21.85	31.21	40.37	49.36	58.16	61.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.66%	1.66%	1.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21.27	21.49	21.71
Year 2 PV (M)	29.59	30.20	30.81
Year 3 PV (M)	37.28	38.43	39.61
Year 4 PV (M)	44.38	46.22	48.12
Year 5 PV (M)	50.92	53.57	56.33
PV of Terminal Value (M)	5,390.67	5,671.37	5,963.65
Equity Value (M)	5,574.12	5,861.29	6,160.23
Shares Outstanding (M)	73.35	73.35	73.35
Fair Value	$76.00	$79.91	$83.99
Upside / Downside	49.07%	56.75%	64.75%

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OK Science and Technology Co., Ltd. (001223.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener