DDM Analysis: 300017.SZ

Valuation Snapshot

Stable Growth	$13.47 - $69.39	$27.42
Multi-Stage	$7.76 - $8.47	$8.11
Blended Fair Value	$17.77
Current Price	$11.54
Upside	53.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.94%	34.56%	0.25	0.05	0.03	0.01	0.03	0.04	0.05	0.08	0.06	0.02
YoY Growth	-	-	395.86%	44.93%	132.35%	-53.34%	-28.63%	-7.78%	-43.24%	31.27%	234.55%	52.23%
Dividend Yield	-	-	2.05%	0.53%	0.48%	0.25%	0.49%	0.57%	0.36%	0.57%	0.48%	0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	861.59
(-) Cash Dividends Paid (M)	621.92
(=) Cash Retained (M)	239.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	172.32	107.70	64.62
Cash Retained (M)	239.67	239.67	239.67
(-) Cash Required (M)	-172.32	-107.70	-64.62
(=) Excess Retained (M)	67.35	131.97	175.05
(/) Shares Outstanding (M)	2,469.20	2,469.20	2,469.20
(=) Excess Retained per Share	0.03	0.05	0.07
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.03	0.05	0.07
(=) Adjusted Dividend	0.28	0.31	0.32
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.47	$27.42	$69.39
Upside / Downside	16.76%	137.63%	501.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	861.59	917.59	977.23	1,040.75	1,108.40	1,180.45	1,215.86
Payout Ratio	72.18%	75.75%	79.31%	82.87%	86.44%	90.00%	92.50%
Projected Dividends (M)	621.92	695.04	775.04	862.51	958.07	1,062.40	1,124.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	639.37	645.43	651.49
Year 2 PV (M)	655.86	668.36	680.97
Year 3 PV (M)	671.42	690.70	710.34
Year 4 PV (M)	686.08	712.46	739.60
Year 5 PV (M)	699.86	733.67	768.76
PV of Terminal Value (M)	15,811.45	16,575.15	17,368.08
Equity Value (M)	19,164.05	20,025.76	20,919.24
Shares Outstanding (M)	2,469.20	2,469.20	2,469.20
Fair Value	$7.76	$8.11	$8.47
Upside / Downside	-32.74%	-29.72%	-26.59%

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Wangsu Science & Technology Co.,Ltd. (300017.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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