DDM Analysis: 301205.SZ

Valuation Snapshot

Stable Growth	$6.51 - $9.47	$7.95
Multi-Stage	$9.26 - $10.16	$9.70
Blended Fair Value	$8.82
Current Price	$96.94
Upside	-90.90%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	1.30%	0.00%	0.09	0.13	0.02	0.01	0.01	0.09	0.01	0.00	0.00	0.00
YoY Growth	-	-	-29.58%	587.62%	88.29%	-26.15%	-84.16%	1,485.64%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.14%	0.14%	0.04%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.49
(-) Cash Dividends Paid (M)	30.88
(=) Cash Retained (M)	81.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.50	14.06	8.44
Cash Retained (M)	81.61	81.61	81.61
(-) Cash Required (M)	-22.50	-14.06	-8.44
(=) Excess Retained (M)	59.11	67.55	73.18
(/) Shares Outstanding (M)	129.85	129.85	129.85
(=) Excess Retained per Share	0.46	0.52	0.56
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.46	0.52	0.56
(=) Adjusted Dividend	0.69	0.76	0.80
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	-0.70%	0.30%	1.30%
Fair Value	$6.51	$7.95	$9.47
Upside / Downside	-93.28%	-91.80%	-90.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.49	112.83	113.17	113.51	113.85	114.19	117.62
Payout Ratio	27.45%	39.96%	52.47%	64.98%	77.49%	90.00%	92.50%
Projected Dividends (M)	30.88	45.09	59.38	73.76	88.22	102.77	108.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	-0.70%	0.30%	1.30%
Year 1 PV (M)	40.63	41.04	41.45
Year 2 PV (M)	48.21	49.19	50.18
Year 3 PV (M)	53.97	55.61	57.29
Year 4 PV (M)	58.16	60.54	62.99
Year 5 PV (M)	61.05	64.19	67.46
PV of Terminal Value (M)	940.75	989.09	1,039.38
Equity Value (M)	1,202.78	1,259.66	1,318.75
Shares Outstanding (M)	129.85	129.85	129.85
Fair Value	$9.26	$9.70	$10.16
Upside / Downside	-90.44%	-89.99%	-89.52%

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Linktel Technologies Co., Ltd. (301205.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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