DDM Analysis: 002987.SZ

Valuation Snapshot

Stable Growth	$17.04 - $75.60	$40.12
Multi-Stage	$8.87 - $9.70	$9.28
Blended Fair Value	$24.70
Current Price	$21.03
Upside	17.46%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	40.61%	0.00%	0.09	0.04	0.03	0.04	0.00	0.02	0.01	0.01	0.04	0.00
YoY Growth	-	-	118.78%	15.86%	-14.36%	3,448.39%	-92.86%	57.27%	-19.67%	-67.43%	0.00%	0.00%
Dividend Yield	-	-	0.64%	0.49%	0.28%	0.39%	0.01%	0.26%	0.16%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	329.52
(-) Cash Dividends Paid (M)	156.14
(=) Cash Retained (M)	173.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.90	41.19	24.71
Cash Retained (M)	173.38	173.38	173.38
(-) Cash Required (M)	-65.90	-41.19	-24.71
(=) Excess Retained (M)	107.48	132.19	148.67
(/) Shares Outstanding (M)	866.85	866.85	866.85
(=) Excess Retained per Share	0.12	0.15	0.17
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.12	0.15	0.17
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.04	$40.12	$75.60
Upside / Downside	-18.97%	90.79%	259.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	329.52	350.94	373.75	398.05	423.92	451.48	465.02
Payout Ratio	47.38%	55.91%	64.43%	72.95%	81.48%	90.00%	92.50%
Projected Dividends (M)	156.14	196.20	240.81	290.39	345.40	406.33	430.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	181.00	182.71	184.43
Year 2 PV (M)	204.93	208.84	212.78
Year 3 PV (M)	227.97	234.52	241.19
Year 4 PV (M)	250.14	259.76	269.66
Year 5 PV (M)	271.47	284.58	298.19
PV of Terminal Value (M)	6,556.81	6,873.50	7,202.32
Equity Value (M)	7,692.32	8,043.91	8,408.56
Shares Outstanding (M)	866.85	866.85	866.85
Fair Value	$8.87	$9.28	$9.70
Upside / Downside	-57.80%	-55.87%	-53.87%

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Northking Information Technology Co., Ltd. (002987.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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