DDM Analysis: 300012.SZ

Valuation Snapshot

Stable Growth	$7.39 - $12.38	$9.58
Multi-Stage	$5.91 - $6.45	$6.17
Blended Fair Value	$7.88
Current Price	$12.86
Upside	-38.76%
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	20.28%	15.48%	0.10	0.06	0.06	0.04	0.04	0.04	0.05	0.03	0.03	0.03
YoY Growth	-	-	59.34%	1.87%	68.13%	-6.94%	-0.89%	-12.13%	31.04%	21.59%	12.05%	6.83%
Dividend Yield	-	-	0.78%	0.48%	0.30%	0.19%	0.14%	0.26%	0.51%	0.68%	0.60%	0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	986.61
(-) Cash Dividends Paid (M)	168.86
(=) Cash Retained (M)	817.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	197.32	123.33	74.00
Cash Retained (M)	817.76	817.76	817.76
(-) Cash Required (M)	-197.32	-123.33	-74.00
(=) Excess Retained (M)	620.43	694.43	743.76
(/) Shares Outstanding (M)	1,675.88	1,675.88	1,675.88
(=) Excess Retained per Share	0.37	0.41	0.44
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.37	0.41	0.44
(=) Adjusted Dividend	0.47	0.52	0.54
WACC / Discount Rate	12.23%	12.23%	12.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.39	$9.58	$12.38
Upside / Downside	-42.57%	-25.52%	-3.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	986.61	1,050.74	1,119.04	1,191.78	1,269.25	1,351.75	1,392.30
Payout Ratio	17.11%	31.69%	46.27%	60.85%	75.42%	90.00%	92.50%
Projected Dividends (M)	168.86	333.00	517.77	725.15	957.30	1,216.57	1,287.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.23%	12.23%	12.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	293.93	296.72	299.50
Year 2 PV (M)	403.40	411.09	418.84
Year 3 PV (M)	498.69	513.01	527.60
Year 4 PV (M)	581.11	603.46	626.44
Year 5 PV (M)	651.85	683.33	716.02
PV of Terminal Value (M)	7,477.86	7,839.05	8,214.05
Equity Value (M)	9,906.85	10,346.65	10,802.46
Shares Outstanding (M)	1,675.88	1,675.88	1,675.88
Fair Value	$5.91	$6.17	$6.45
Upside / Downside	-54.03%	-51.99%	-49.88%

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Centre Testing International Group Co. Ltd. (300012.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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