DDM Analysis: 300380.SZ

Valuation Snapshot

Stable Growth	$1.09 - $1.55	$1.31
Multi-Stage	$2.10 - $2.31	$2.20
Blended Fair Value	$1.76
Current Price	$49.40
Upside	-96.44%
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	-5.40%	-2.04%	0.08	0.07	0.08	0.22	0.10	0.11	0.03	0.01	0.11	0.10
YoY Growth	-	-	13.26%	-15.91%	-61.00%	119.21%	-6.95%	245.18%	157.24%	-88.56%	5.83%	0.00%
Dividend Yield	-	-	0.16%	0.39%	0.44%	1.25%	0.53%	0.59%	0.12%	0.06%	0.34%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.20
(-) Cash Dividends Paid (M)	13.29
(=) Cash Retained (M)	9.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.64	2.90	1.74
Cash Retained (M)	9.90	9.90	9.90
(-) Cash Required (M)	-4.64	-2.90	-1.74
(=) Excess Retained (M)	5.27	7.00	8.16
(/) Shares Outstanding (M)	138.49	138.49	138.49
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.13	0.15	0.15
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-3.45%	-2.45%	-1.45%
Fair Value	$1.09	$1.31	$1.55
Upside / Downside	-97.79%	-97.34%	-96.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.20	22.63	22.08	21.53	21.01	20.49	21.11
Payout Ratio	57.30%	63.84%	70.38%	76.92%	83.46%	90.00%	92.50%
Projected Dividends (M)	13.29	14.45	15.54	16.56	17.53	18.44	19.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-3.45%	-2.45%	-1.45%
Year 1 PV (M)	13.19	13.33	13.46
Year 2 PV (M)	12.95	13.22	13.49
Year 3 PV (M)	12.60	13.00	13.40
Year 4 PV (M)	12.17	12.69	13.21
Year 5 PV (M)	11.69	12.31	12.95
PV of Terminal Value (M)	228.19	240.26	252.83
Equity Value (M)	290.79	304.79	319.34
Shares Outstanding (M)	138.49	138.49	138.49
Fair Value	$2.10	$2.20	$2.31
Upside / Downside	-95.75%	-95.54%	-95.33%

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Shanghai Amarsoft Information & Technology Co.,Ltd (300380.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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