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| Metrics | Range | Conclusion |
|---|---|---|
| Selected Beta | 0.60 - 0.70 | 0.65 |
| Cost Equity | 7.8% - 9.5% | 8.6% |
| Tax Rate | 15.0% - 15.0% | 15.0% |
| Cost Debt Aftax | 4.7% - 5.1% | 4.9% |
| Estimate Cost of Equity | ||||||
| Cost of Equity | Low | High | Notes | |||
| Selected Beta | 0.60 | 0.70 | See Re-levered Beta Section | |||
| (x) Country Market Risk Premium | 5.0% | 5.0% | Source Link | |||
| Adjusted Market Risk Premium | 3.0% | 3.5% | ||||
| (+) Risk-free Rate | 4.00% | 4.50% | Source Link | |||
| (+) Additional Risk Adjustments | 0.75% | 1.50% | Size & Country Default Risk | |||
| Cost of Equity | 7.75% | 9.50% | ||||
| Effective Interest Rate | ||||||
| Fiscal Year Ending | ||||||
| (CNY in millions) | Dec-20 | Dec-21 | Jan-23 | Dec-23 | Dec-24 | |
| FY-4 | FY-3 | FY-2 | FY-1 | FY | ||
| Interest Expense | interest_exp | 7 | 8 | 6 | 5 | 0 |
| Total Debt | total_debt | 118 | 208 | 131 | 120 | 94 |
| Effective Interest Rate | 4.9% | 3.4% | 4.2% | 0.0% | ||
| Average Effective Interest Rate | 2.5% | |||||