DDM Analysis: 300578.SZ

Valuation Snapshot

Stable Growth	$0.21 - $0.27	$0.24
Multi-Stage	$0.38 - $0.42	$0.40
Blended Fair Value	$0.32
Current Price	$18.71
Upside	-98.28%
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	-47.28%	-34.08%	0.00	0.01	0.01	0.11	0.13	0.09	0.04	0.14	0.20	0.15
YoY Growth	-	-	-65.51%	6.89%	-91.11%	-15.63%	47.28%	132.78%	-74.46%	-28.00%	33.33%	-33.33%
Dividend Yield	-	-	0.02%	0.07%	0.05%	0.51%	0.44%	0.19%	0.14%	0.68%	0.71%	1.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.64
(-) Cash Dividends Paid (M)	0.17
(=) Cash Retained (M)	16.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.33	2.08	1.25
Cash Retained (M)	16.47	16.47	16.47
(-) Cash Required (M)	-3.33	-2.08	-1.25
(=) Excess Retained (M)	13.14	14.39	15.22
(/) Shares Outstanding (M)	199.33	199.33	199.33
(=) Excess Retained per Share	0.07	0.07	0.08
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.07	0.07	0.08
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-16.32%	-15.32%	-14.32%
Fair Value	$0.21	$0.24	$0.27
Upside / Downside	-98.86%	-98.69%	-98.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.64	14.09	11.93	10.10	8.56	7.25	7.46
Payout Ratio	1.02%	18.82%	36.61%	54.41%	72.20%	90.00%	92.50%
Projected Dividends (M)	0.17	2.65	4.37	5.50	6.18	6.52	6.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-16.32%	-15.32%	-14.32%
Year 1 PV (M)	2.38	2.41	2.44
Year 2 PV (M)	3.53	3.61	3.70
Year 3 PV (M)	3.99	4.13	4.28
Year 4 PV (M)	4.02	4.22	4.42
Year 5 PV (M)	3.82	4.05	4.29
PV of Terminal Value (M)	57.74	61.27	64.97
Equity Value (M)	75.47	79.69	84.11
Shares Outstanding (M)	199.33	199.33	199.33
Fair Value	$0.38	$0.40	$0.42
Upside / Downside	-97.98%	-97.86%	-97.74%

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BizConf Telecom Co.,Ltd. (300578.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener