DDM Analysis: 002654.SZ

Valuation Snapshot

Stable Growth	$10.95 - $12.91	$12.10
Multi-Stage	$6.87 - $7.57	$7.21
Blended Fair Value	$9.66
Current Price	$15.97
Upside	-39.54%
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	-4.41%	8.29%	0.04	0.00	0.05	0.05	0.06	0.05	0.05	0.04	0.01	0.01
YoY Growth	-	-	5,377.02%	-98.64%	1.83%	-17.67%	27.44%	-12.53%	35.06%	173.58%	37.53%	-37.50%
Dividend Yield	-	-	0.30%	0.01%	0.86%	1.17%	1.71%	1.12%	1.05%	0.57%	0.13%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	57.21
(-) Cash Dividends Paid (M)	41.52
(=) Cash Retained (M)	15.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.44	7.15	4.29
Cash Retained (M)	15.69	15.69	15.69
(-) Cash Required (M)	-11.44	-7.15	-4.29
(=) Excess Retained (M)	4.25	8.54	11.40
(/) Shares Outstanding (M)	845.04	845.04	845.04
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.05	0.06	0.06
WACC / Discount Rate	0.69%	0.69%	0.69%
Growth Rate	1.12%	2.12%	3.12%
Fair Value	$10.95	$12.10	$12.91
Upside / Downside	-31.42%	-24.25%	-19.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	57.21	58.42	59.66	60.92	62.21	63.53	65.44
Payout Ratio	72.58%	76.06%	79.55%	83.03%	86.52%	90.00%	92.50%
Projected Dividends (M)	41.52	44.43	47.45	50.58	53.82	57.18	60.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.69%	0.69%	0.69%
Growth Rate	1.12%	2.12%	3.12%
Year 1 PV (M)	43.70	44.13	44.56
Year 2 PV (M)	45.89	46.80	47.72
Year 3 PV (M)	48.10	49.54	51.01
Year 4 PV (M)	50.33	52.35	54.44
Year 5 PV (M)	52.58	55.23	57.99
PV of Terminal Value (M)	5,566.39	5,847.13	6,139.08
Equity Value (M)	5,806.99	6,095.19	6,394.80
Shares Outstanding (M)	845.04	845.04	845.04
Fair Value	$6.87	$7.21	$7.57
Upside / Downside	-56.97%	-54.83%	-52.61%

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Shenzhen Mason Technologies Co.,Ltd (002654.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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