DDM Analysis: 688608.SS

Valuation Snapshot

Stable Growth	$223.45 - $788.03	$738.50
Multi-Stage	$100.52 - $110.00	$105.18
Blended Fair Value	$421.84
Current Price	$297.50
Upside	41.79%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	317.60%	0.00%	0.66	0.00	0.25	0.12	0.00	0.00	0.01	0.00	0.00	0.00
YoY Growth	-	-	26,154.47%	-98.99%	108.64%	0.00%	-100.00%	-93.14%	69.07%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.23%	0.00%	0.24%	0.09%	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)	672.96
(-) Cash Dividends Paid (M)	203.33
(=) Cash Retained (M)	469.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	134.59	84.12	50.47
Cash Retained (M)	469.62	469.62	469.62
(-) Cash Required (M)	-134.59	-84.12	-50.47
(=) Excess Retained (M)	335.03	385.51	419.15
(/) Shares Outstanding (M)	169.83	169.83	169.83
(=) Excess Retained per Share	1.97	2.27	2.47
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	1.97	2.27	2.47
(=) Adjusted Dividend	3.17	3.47	3.67
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$223.45	$738.50	$788.03
Upside / Downside	-24.89%	148.23%	164.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	672.96	716.70	763.28	812.90	865.74	922.01	949.67
Payout Ratio	30.21%	42.17%	54.13%	66.09%	78.04%	90.00%	92.50%
Projected Dividends (M)	203.33	302.24	413.16	537.21	675.65	829.81	878.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	279.83	282.48	285.13
Year 2 PV (M)	354.14	360.89	367.70
Year 3 PV (M)	426.33	438.56	451.04
Year 4 PV (M)	496.42	515.51	535.15
Year 5 PV (M)	564.47	591.73	620.04
PV of Terminal Value (M)	14,951.31	15,673.46	16,423.26
Equity Value (M)	17,072.50	17,862.64	18,682.31
Shares Outstanding (M)	169.83	169.83	169.83
Fair Value	$100.52	$105.18	$110.00
Upside / Downside	-66.21%	-64.65%	-63.02%

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Bestechnic (Shanghai) Co., Ltd. (688608.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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