DDM Analysis: 002148.SZ

Valuation Snapshot

Stable Growth	$0.14 - $0.20	$0.17
Multi-Stage	$0.23 - $0.26	$0.24
Blended Fair Value	$0.21
Current Price	$9.46
Upside	-97.79%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.81%	-7.61%	0.01	0.01	0.03	0.01	0.00	0.02	0.08	0.05	0.00	0.00
YoY Growth	-	-	48.48%	-68.13%	217.00%	0.00%	-100.00%	-69.31%	61.59%	0.00%	-100.00%	-86.73%
Dividend Yield	-	-	0.22%	0.18%	0.48%	0.17%	0.00%	0.55%	1.10%	0.59%	0.00%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12.35
(-) Cash Dividends Paid (M)	8.94
(=) Cash Retained (M)	3.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.47	1.54	0.93
Cash Retained (M)	3.41	3.41	3.41
(-) Cash Required (M)	-2.47	-1.54	-0.93
(=) Excess Retained (M)	0.94	1.87	2.49
(/) Shares Outstanding (M)	558.92	558.92	558.92
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.02	0.02	0.02
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.14	$0.17	$0.20
Upside / Downside	-98.47%	-98.16%	-97.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12.35	12.23	12.10	11.98	11.86	11.74	12.10
Payout Ratio	72.36%	75.89%	79.42%	82.94%	86.47%	90.00%	92.50%
Projected Dividends (M)	8.94	9.28	9.61	9.94	10.26	10.57	11.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8.35	8.43	8.52
Year 2 PV (M)	7.78	7.94	8.11
Year 3 PV (M)	7.24	7.47	7.70
Year 4 PV (M)	6.73	7.01	7.29
Year 5 PV (M)	6.24	6.56	6.90
PV of Terminal Value (M)	94.35	99.26	104.38
Equity Value (M)	130.69	136.68	142.89
Shares Outstanding (M)	558.92	558.92	558.92
Fair Value	$0.23	$0.24	$0.26
Upside / Downside	-97.53%	-97.42%	-97.30%

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Beijing Bewinner Communications Co., Ltd. (002148.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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