DDM Analysis: 300102.SZ

Valuation Snapshot

Stable Growth	$3.69 - $10.91	$5.83
Multi-Stage	$2.52 - $2.75	$2.63
Blended Fair Value	$4.23
Current Price	$12.52
Upside	-66.23%
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	18.43%	-3.62%	0.04	0.07	0.01	0.11	0.11	0.02	0.02	0.01	0.00	0.01
YoY Growth	-	-	-34.67%	360.91%	-86.61%	2.85%	461.80%	-18.19%	203.78%	7,466.90%	-99.21%	-80.00%
Dividend Yield	-	-	0.39%	0.92%	0.19%	1.21%	1.72%	0.38%	0.32%	0.09%	0.00%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	135.22
(-) Cash Dividends Paid (M)	64.18
(=) Cash Retained (M)	71.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.04	16.90	10.14
Cash Retained (M)	71.04	71.04	71.04
(-) Cash Required (M)	-27.04	-16.90	-10.14
(=) Excess Retained (M)	43.99	54.13	60.89
(/) Shares Outstanding (M)	930.59	930.59	930.59
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.12	0.13	0.13
WACC / Discount Rate	8.82%	8.82%	8.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3.69	$5.83	$10.91
Upside / Downside	-70.53%	-53.46%	-12.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	135.22	144.01	153.37	163.34	173.95	185.26	190.82
Payout Ratio	47.47%	55.97%	64.48%	72.99%	81.49%	90.00%	92.50%
Projected Dividends (M)	64.18	80.60	98.89	119.21	141.76	166.73	176.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.82%	8.82%	8.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	73.37	74.07	74.76
Year 2 PV (M)	81.94	83.50	85.08
Year 3 PV (M)	89.92	92.50	95.13
Year 4 PV (M)	97.33	101.08	104.93
Year 5 PV (M)	104.21	109.25	114.47
PV of Terminal Value (M)	1,894.23	1,985.72	2,080.71
Equity Value (M)	2,341.01	2,446.12	2,555.09
Shares Outstanding (M)	930.59	930.59	930.59
Fair Value	$2.52	$2.63	$2.75
Upside / Downside	-79.91%	-79.01%	-78.07%

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Xiamen Changelight Co., Ltd. (300102.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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