DDM Analysis: 300319.SZ

Valuation Snapshot

Stable Growth	$27.73 - $76.79	$71.97
Multi-Stage	$10.72 - $11.74	$11.22
Blended Fair Value	$41.59
Current Price	$12.82
Upside	224.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.87%	31.21%	0.10	0.13	0.06	0.03	0.03	0.03	0.03	0.06	0.03	0.01
YoY Growth	-	-	-25.21%	110.47%	133.96%	-13.64%	7.47%	-16.60%	-38.63%	57.40%	171.74%	102.08%
Dividend Yield	-	-	0.83%	1.53%	0.62%	0.27%	0.37%	0.29%	0.43%	0.75%	0.33%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	337.10
(-) Cash Dividends Paid (M)	111.52
(=) Cash Retained (M)	225.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.42	42.14	25.28
Cash Retained (M)	225.58	225.58	225.58
(-) Cash Required (M)	-67.42	-42.14	-25.28
(=) Excess Retained (M)	158.16	183.45	200.30
(/) Shares Outstanding (M)	873.01	873.01	873.01
(=) Excess Retained per Share	0.18	0.21	0.23
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.18	0.21	0.23
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.73	$71.97	$76.79
Upside / Downside	116.33%	461.36%	499.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	337.10	359.01	382.35	407.20	433.67	461.86	475.71
Payout Ratio	33.08%	44.46%	55.85%	67.23%	78.62%	90.00%	92.50%
Projected Dividends (M)	111.52	159.63	213.54	273.77	340.93	415.67	440.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	148.24	149.65	151.05
Year 2 PV (M)	184.14	187.65	191.19
Year 3 PV (M)	219.23	225.53	231.94
Year 4 PV (M)	253.53	263.28	273.31
Year 5 PV (M)	287.04	300.91	315.30
PV of Terminal Value (M)	8,268.33	8,667.69	9,082.34
Equity Value (M)	9,360.52	9,794.70	10,245.13
Shares Outstanding (M)	873.01	873.01	873.01
Fair Value	$10.72	$11.22	$11.74
Upside / Downside	-16.36%	-12.48%	-8.46%

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Shenzhen Microgate Technology Co., Ltd. (300319.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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