DDM Analysis: 002299.SZ

Valuation Snapshot

Stable Growth	$30.26 - $90.42	$47.93
Multi-Stage	$33.65 - $36.91	$35.25
Blended Fair Value	$41.59
Current Price	$18.03
Upside	130.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.21%	8.45%	0.47	0.20	0.30	1.11	2.51	1.00	0.18	0.45	0.21	0.25
YoY Growth	-	-	132.33%	-33.26%	-72.86%	-55.89%	150.40%	465.67%	-60.55%	116.84%	-16.20%	19.37%
Dividend Yield	-	-	3.10%	1.21%	1.22%	5.58%	9.74%	4.24%	0.68%	3.24%	1.11%	0.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,500.47
(-) Cash Dividends Paid (M)	595.58
(=) Cash Retained (M)	904.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	300.09	187.56	112.54
Cash Retained (M)	904.89	904.89	904.89
(-) Cash Required (M)	-300.09	-187.56	-112.54
(=) Excess Retained (M)	604.80	717.33	792.36
(/) Shares Outstanding (M)	1,237.32	1,237.32	1,237.32
(=) Excess Retained per Share	0.49	0.58	0.64
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.49	0.58	0.64
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.01%	4.01%	5.01%
Fair Value	$30.26	$47.93	$90.42
Upside / Downside	67.81%	165.81%	401.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,500.47	1,560.57	1,623.08	1,688.10	1,755.71	1,826.04	1,880.82
Payout Ratio	39.69%	49.75%	59.82%	69.88%	79.94%	90.00%	92.50%
Projected Dividends (M)	595.58	776.45	970.86	1,179.59	1,403.49	1,643.44	1,739.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.01%	4.01%	5.01%
Year 1 PV (M)	723.36	730.38	737.40
Year 2 PV (M)	842.62	859.06	875.66
Year 3 PV (M)	953.77	981.82	1,010.41
Year 4 PV (M)	1,057.20	1,098.86	1,141.74
Year 5 PV (M)	1,153.29	1,210.37	1,269.69
PV of Terminal Value (M)	36,904.22	38,730.71	40,628.81
Equity Value (M)	41,634.46	43,611.20	45,663.71
Shares Outstanding (M)	1,237.32	1,237.32	1,237.32
Fair Value	$33.65	$35.25	$36.91
Upside / Downside	86.63%	95.49%	104.69%

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Fujian Sunner Development Co., Ltd. (002299.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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