DDM Analysis: 300654.SZ

Valuation Snapshot

Stable Growth	$17.08 - $20.13	$18.86
Multi-Stage	$6.49 - $7.11	$6.79
Blended Fair Value	$12.83
Current Price	$10.09
Upside	27.14%
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	17.03%	42.42%	0.06	0.05	0.05	0.04	0.03	0.03	0.03	0.00	0.00	0.09
YoY Growth	-	-	16.81%	0.00%	19.05%	47.33%	7.14%	5.00%	0.00%	-100.00%	-97.78%	4,915.39%
Dividend Yield	-	-	0.55%	0.38%	0.65%	0.76%	0.58%	0.48%	0.29%	0.00%	0.03%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.27
(-) Cash Dividends Paid (M)	23.46
(=) Cash Retained (M)	13.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.45	4.66	2.79
Cash Retained (M)	13.81	13.81	13.81
(-) Cash Required (M)	-7.45	-4.66	-2.79
(=) Excess Retained (M)	6.35	9.15	11.01
(/) Shares Outstanding (M)	368.21	368.21	368.21
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.08	0.09	0.09
WACC / Discount Rate	4.65%	4.65%	4.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.08	$18.86	$20.13
Upside / Downside	69.32%	86.95%	99.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.27	39.69	42.27	45.02	47.94	51.06	52.59
Payout Ratio	62.95%	68.36%	73.77%	79.18%	84.59%	90.00%	92.50%
Projected Dividends (M)	23.46	27.13	31.18	35.64	40.55	45.95	48.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.65%	4.65%	4.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	25.68	25.93	26.17
Year 2 PV (M)	27.94	28.47	29.01
Year 3 PV (M)	30.23	31.10	31.98
Year 4 PV (M)	32.56	33.81	35.10
Year 5 PV (M)	34.92	36.61	38.36
PV of Terminal Value (M)	2,237.94	2,346.03	2,458.26
Equity Value (M)	2,389.27	2,501.95	2,618.88
Shares Outstanding (M)	368.21	368.21	368.21
Fair Value	$6.49	$6.79	$7.11
Upside / Downside	-35.69%	-32.66%	-29.51%

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Astro-century Education&Technology Co.,Ltd (300654.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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