DDM Analysis: 001229.SZ

Valuation Snapshot

Stable Growth	$65.59 - $137.42	$128.78
Multi-Stage	$21.56 - $23.56	$22.54
Blended Fair Value	$75.66
Current Price	$33.87
Upside	123.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	39.89%	0.00%	0.61	0.41	0.00	0.00	0.00	0.11	0.70	0.00	0.00	0.00
YoY Growth	-	-	50.00%	21,760.67%	-9.07%	0.00%	-100.00%	-83.70%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.88%	1.08%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.07
(-) Cash Dividends Paid (M)	56.21
(=) Cash Retained (M)	11.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.61	8.51	5.11
Cash Retained (M)	11.86	11.86	11.86
(-) Cash Required (M)	-13.61	-8.51	-5.11
(=) Excess Retained (M)	-1.76	3.35	6.75
(/) Shares Outstanding (M)	98.52	98.52	98.52
(=) Excess Retained per Share	-0.02	0.03	0.07
LTM Dividend per Share	0.57	0.57	0.57
(+) Excess Retained per Share	-0.02	0.03	0.07
(=) Adjusted Dividend	0.55	0.60	0.64
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65.59	$128.78	$137.42
Upside / Downside	93.64%	280.22%	305.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.07	72.50	77.21	82.23	87.57	93.27	96.06
Payout Ratio	82.58%	84.06%	85.55%	87.03%	88.52%	90.00%	92.50%
Projected Dividends (M)	56.21	60.94	66.05	71.56	77.52	83.94	88.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	56.75	57.28	57.82
Year 2 PV (M)	57.27	58.36	59.46
Year 3 PV (M)	57.77	59.43	61.12
Year 4 PV (M)	58.27	60.51	62.81
Year 5 PV (M)	58.75	61.58	64.53
PV of Terminal Value (M)	1,834.98	1,923.61	2,015.64
Equity Value (M)	2,123.78	2,220.78	2,321.38
Shares Outstanding (M)	98.52	98.52	98.52
Fair Value	$21.56	$22.54	$23.56
Upside / Downside	-36.35%	-33.45%	-30.43%

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Guangdong AVCiT Technology Holding Co., Ltd. (001229.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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