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| Metrics | Range | Conclusion |
|---|---|---|
| Selected Beta | 0.75 - 0.85 | 0.80 |
| Cost Equity | 8.5% - 10.3% | 9.4% |
| Tax Rate | 10.0% - 10.0% | 10.0% |
| Cost Debt Aftax | 6.3% - 6.8% | 6.5% |
| Estimate Cost of Equity | ||||||
| Cost of Equity | Low | High | Notes | |||
| Selected Beta | 0.75 | 0.85 | See Re-levered Beta Section | |||
| (x) Country Market Risk Premium | 5.0% | 5.0% | Source Link | |||
| Adjusted Market Risk Premium | 3.8% | 4.3% | ||||
| (+) Risk-free Rate | 4.00% | 4.50% | Source Link | |||
| (+) Additional Risk Adjustments | 0.75% | 1.50% | Size & Country Default Risk | |||
| Cost of Equity | 8.50% | 10.25% | ||||
| Effective Interest Rate | ||||||
| Fiscal Year Ending | ||||||
| (CNY in millions) | Dec-20 | Jan-22 | Jan-23 | Dec-23 | Dec-24 | |
| FY-4 | FY-3 | FY-2 | FY-1 | FY | ||
| Interest Expense | interest_exp | 2 | 0 | 0 | 0 | 0 |
| Total Debt | total_debt | 3 | 0 | 2 | 0 | 0 |
| Effective Interest Rate | 1.2% | 0.5% | 1.3% | NA | ||
| Average Effective Interest Rate | 0.9% | |||||