DDM Analysis: 600149.SS

Valuation Snapshot

Stable Growth	$0.90 - $2.09	$1.32
Multi-Stage	$0.63 - $0.69	$0.66
Blended Fair Value	$0.99
Current Price	$5.28
Upside	-81.26%
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	41.74%	0.00%	0.01	0.01	0.01	0.00	0.01	0.00	0.02	0.00	0.02	0.01
YoY Growth	-	-	-20.81%	13.16%	158.92%	-24.67%	227.25%	-87.44%	29,127.92%	-99.78%	81.40%	0.00%
Dividend Yield	-	-	0.26%	0.32%	0.21%	0.08%	0.13%	0.04%	0.21%	0.00%	0.14%	0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.10
(-) Cash Dividends Paid (M)	2.37
(=) Cash Retained (M)	13.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.22	2.01	1.21
Cash Retained (M)	13.73	13.73	13.73
(-) Cash Required (M)	-3.22	-2.01	-1.21
(=) Excess Retained (M)	10.51	11.72	12.52
(/) Shares Outstanding (M)	373.97	373.97	373.97
(=) Excess Retained per Share	0.03	0.03	0.03
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.03	0.03	0.03
(=) Adjusted Dividend	0.03	0.04	0.04
WACC / Discount Rate	9.54%	9.54%	9.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$0.90	$1.32	$2.09
Upside / Downside	-82.99%	-75.05%	-60.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.10	17.14	18.26	19.44	20.71	22.05	22.71
Payout Ratio	14.71%	29.77%	44.83%	59.89%	74.94%	90.00%	92.50%
Projected Dividends (M)	2.37	5.10	8.18	11.64	15.52	19.85	21.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.54%	9.54%	9.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4.61	4.66	4.70
Year 2 PV (M)	6.69	6.82	6.95
Year 3 PV (M)	8.61	8.86	9.11
Year 4 PV (M)	10.38	10.78	11.19
Year 5 PV (M)	12.00	12.58	13.18
PV of Terminal Value (M)	194.14	203.52	213.26
Equity Value (M)	236.44	247.22	258.39
Shares Outstanding (M)	373.97	373.97	373.97
Fair Value	$0.63	$0.66	$0.69
Upside / Downside	-88.03%	-87.48%	-86.91%

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Langfang Development Co., Ltd. (600149.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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