DDM Analysis: 000551.SZ

Valuation Snapshot

Stable Growth	$8.87 - $17.39	$12.23
Multi-Stage	$7.59 - $8.31	$7.94
Blended Fair Value	$10.09
Current Price	$11.30
Upside	-10.72%
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	12.18%	2.56%	0.10	0.10	0.05	0.13	0.05	0.05	0.14	0.05	0.05	0.15
YoY Growth	-	-	-7.27%	101.60%	-62.15%	171.70%	-7.59%	-61.53%	154.59%	9.39%	-67.08%	105.46%
Dividend Yield	-	-	0.92%	1.38%	0.60%	1.85%	0.67%	0.88%	2.19%	0.89%	0.58%	2.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	257.50
(-) Cash Dividends Paid (M)	7.03
(=) Cash Retained (M)	250.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.50	32.19	19.31
Cash Retained (M)	250.47	250.47	250.47
(-) Cash Required (M)	-51.50	-32.19	-19.31
(=) Excess Retained (M)	198.97	218.29	231.16
(/) Shares Outstanding (M)	482.93	482.93	482.93
(=) Excess Retained per Share	0.41	0.45	0.48
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.41	0.45	0.48
(=) Adjusted Dividend	0.43	0.47	0.49
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	4.31%	5.31%	6.31%
Fair Value	$8.87	$12.23	$17.39
Upside / Downside	-21.50%	8.27%	53.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	257.50	271.18	285.58	300.74	316.72	333.54	343.54
Payout Ratio	2.73%	20.18%	37.64%	55.09%	72.55%	90.00%	92.50%
Projected Dividends (M)	7.03	54.73	107.48	165.68	229.76	300.18	317.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	4.31%	5.31%	6.31%
Year 1 PV (M)	49.59	50.06	50.54
Year 2 PV (M)	88.23	89.93	91.64
Year 3 PV (M)	123.22	126.79	130.44
Year 4 PV (M)	154.81	160.83	167.03
Year 5 PV (M)	183.25	192.20	201.50
PV of Terminal Value (M)	3,066.10	3,215.91	3,371.52
Equity Value (M)	3,665.18	3,835.72	4,012.67
Shares Outstanding (M)	482.93	482.93	482.93
Fair Value	$7.59	$7.94	$8.31
Upside / Downside	-32.84%	-29.71%	-26.47%

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Create Technology & Science Co.,Ltd. (000551.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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