DDM Analysis: 300546.SZ

Valuation Snapshot

Stable Growth	$3.81 - $8.51	$5.51
Multi-Stage	$16.45 - $18.18	$17.29
Blended Fair Value	$11.40
Current Price	$26.23
Upside	-56.53%
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	0.00%	0.00%	0.00	0.02	0.00	0.00	0.09	0.11	0.11	0.15	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	-100.00%	-98.31%	-18.44%	-0.08%	-24.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.00%	0.20%	0.00%	0.00%	0.95%	0.59%	0.45%	0.87%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	36.79
(-) Cash Dividends Paid (M)	8.40
(=) Cash Retained (M)	28.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.36	4.60	2.76
Cash Retained (M)	28.39	28.39	28.39
(-) Cash Required (M)	-7.36	-4.60	-2.76
(=) Excess Retained (M)	21.03	23.79	25.63
(/) Shares Outstanding (M)	178.56	178.56	178.56
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	2.24%	2.24%	2.24%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.81	$5.51	$8.51
Upside / Downside	-85.48%	-79.00%	-67.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36.79	36.42	36.06	35.70	35.34	34.99	36.04
Payout Ratio	22.83%	36.26%	49.70%	63.13%	76.57%	90.00%	92.50%
Projected Dividends (M)	8.40	13.21	17.92	22.54	27.06	31.49	33.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.24%	2.24%	2.24%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.79	12.92	13.05
Year 2 PV (M)	16.80	17.14	17.49
Year 3 PV (M)	20.45	21.09	21.73
Year 4 PV (M)	23.78	24.76	25.78
Year 5 PV (M)	26.79	28.19	29.64
PV of Terminal Value (M)	2,836.23	2,983.91	3,137.69
Equity Value (M)	2,936.84	3,088.02	3,245.39
Shares Outstanding (M)	178.56	178.56	178.56
Fair Value	$16.45	$17.29	$18.18
Upside / Downside	-37.29%	-34.07%	-30.71%

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Shenzhen Emperor Technology Co., Ltd. (300546.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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