DDM Analysis: 000636.SZ

Valuation Snapshot

Stable Growth	$5.02 - $10.74	$7.15
Multi-Stage	$3.58 - $3.91	$3.74
Blended Fair Value	$5.45
Current Price	$15.65
Upside	-65.20%
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	-24.37%	14.18%	0.06	0.14	0.28	0.07	0.01	0.24	0.06	0.04	0.05	0.03
YoY Growth	-	-	-56.67%	-51.02%	295.79%	431.76%	-94.46%	290.72%	60.91%	-22.61%	76.28%	77.50%
Dividend Yield	-	-	0.41%	1.11%	1.55%	0.34%	0.04%	1.48%	0.38%	0.26%	0.48%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	300.35
(-) Cash Dividends Paid (M)	5.44
(=) Cash Retained (M)	294.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.07	37.54	22.53
Cash Retained (M)	294.90	294.90	294.90
(-) Cash Required (M)	-60.07	-37.54	-22.53
(=) Excess Retained (M)	234.83	257.36	272.38
(/) Shares Outstanding (M)	1,133.64	1,133.64	1,133.64
(=) Excess Retained per Share	0.21	0.23	0.24
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.21	0.23	0.24
(=) Adjusted Dividend	0.21	0.23	0.25
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.02	$7.15	$10.74
Upside / Downside	-67.91%	-54.30%	-31.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	300.35	319.87	340.66	362.80	386.38	411.50	423.84
Payout Ratio	1.81%	19.45%	37.09%	54.72%	72.36%	90.00%	92.50%
Projected Dividends (M)	5.44	62.21	126.34	198.54	279.60	370.35	392.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	56.05	56.58	57.11
Year 2 PV (M)	102.55	104.51	106.48
Year 3 PV (M)	145.19	149.36	153.61
Year 4 PV (M)	184.22	191.30	198.59
Year 5 PV (M)	219.84	230.46	241.48
PV of Terminal Value (M)	3,347.49	3,509.17	3,677.04
Equity Value (M)	4,055.34	4,241.38	4,434.32
Shares Outstanding (M)	1,133.64	1,133.64	1,133.64
Fair Value	$3.58	$3.74	$3.91
Upside / Downside	-77.14%	-76.09%	-75.01%

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Guangdong Fenghua Advanced Technology (Holding) Co., Ltd. (000636.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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