DDM Analysis: 001301.SZ

Valuation Snapshot

Stable Growth	$272.85 - $743.95	$697.19
Multi-Stage	$103.91 - $113.76	$108.74
Blended Fair Value	$402.97
Current Price	$83.71
Upside	381.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	72.13%	0.00%	0.93	1.10	0.23	0.03	0.00	0.06	0.00	0.00	0.00	0.00
YoY Growth	-	-	-15.09%	379.21%	656.13%	7,006.96%	-99.31%	112,107.07%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.66%	3.37%	0.33%	0.06%	0.00%	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)	971.69
(-) Cash Dividends Paid (M)	255.10
(=) Cash Retained (M)	716.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	194.34	121.46	72.88
Cash Retained (M)	716.59	716.59	716.59
(-) Cash Required (M)	-194.34	-121.46	-72.88
(=) Excess Retained (M)	522.25	595.13	643.71
(/) Shares Outstanding (M)	259.76	259.76	259.76
(=) Excess Retained per Share	2.01	2.29	2.48
LTM Dividend per Share	0.98	0.98	0.98
(+) Excess Retained per Share	2.01	2.29	2.48
(=) Adjusted Dividend	2.99	3.27	3.46
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$272.85	$697.19	$743.95
Upside / Downside	225.95%	732.86%	788.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	971.69	1,034.85	1,102.11	1,173.75	1,250.04	1,331.30	1,371.24
Payout Ratio	26.25%	39.00%	51.75%	64.50%	77.25%	90.00%	92.50%
Projected Dividends (M)	255.10	403.62	570.37	757.09	965.67	1,198.17	1,268.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	374.87	378.43	381.98
Year 2 PV (M)	492.02	501.39	510.85
Year 3 PV (M)	606.57	623.99	641.73
Year 4 PV (M)	718.59	746.22	774.65
Year 5 PV (M)	828.10	868.10	909.63
PV of Terminal Value (M)	23,970.72	25,128.51	26,330.62
Equity Value (M)	26,990.87	28,246.63	29,549.45
Shares Outstanding (M)	259.76	259.76	259.76
Fair Value	$103.91	$108.74	$113.76
Upside / Downside	24.13%	29.90%	35.90%

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Shijiazhuang Shangtai Technology Co., Ltd. (001301.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener