DDM Analysis: 301588.SZ

Valuation Snapshot

Stable Growth	$40.13 - $77.19	$72.34
Multi-Stage	$12.26 - $13.41	$12.83
Blended Fair Value	$42.58
Current Price	$20.62
Upside	106.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	32.92%	0.00%	0.35	0.15	0.09	0.05	0.08	0.08	0.00	0.00	0.00	0.00
YoY Growth	-	-	132.64%	61.91%	89.71%	-35.68%	-9.72%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.89%	0.53%	0.25%	0.00%	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)	45.45
(-) Cash Dividends Paid (M)	30.69
(=) Cash Retained (M)	14.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.09	5.68	3.41
Cash Retained (M)	14.76	14.76	14.76
(-) Cash Required (M)	-9.09	-5.68	-3.41
(=) Excess Retained (M)	5.67	9.08	11.35
(/) Shares Outstanding (M)	117.11	117.11	117.11
(=) Excess Retained per Share	0.05	0.08	0.10
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.05	0.08	0.10
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$40.13	$72.34	$77.19
Upside / Downside	94.63%	250.81%	274.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.45	48.41	51.56	54.91	58.48	62.28	64.15
Payout Ratio	67.53%	72.02%	76.52%	81.01%	85.51%	90.00%	92.50%
Projected Dividends (M)	30.69	34.87	39.45	44.48	50.00	56.05	59.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	32.49	32.79	33.10
Year 2 PV (M)	34.25	34.90	35.56
Year 3 PV (M)	35.98	37.01	38.07
Year 4 PV (M)	37.69	39.14	40.63
Year 5 PV (M)	39.36	41.26	43.24
PV of Terminal Value (M)	1,256.54	1,317.23	1,380.24
Equity Value (M)	1,436.30	1,502.34	1,570.83
Shares Outstanding (M)	117.11	117.11	117.11
Fair Value	$12.26	$12.83	$13.41
Upside / Downside	-40.52%	-37.79%	-34.95%

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Newtechwood Corp (301588.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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