DDM Analysis: 002676.SZ

Valuation Snapshot

Stable Growth	$16.47 - $19.40	$18.18
Multi-Stage	$4.92 - $5.39	$5.15
Blended Fair Value	$11.67
Current Price	$9.67
Upside	20.65%
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	9.94%	6.10%	0.05	0.03	0.03	0.03	0.03	0.03	0.03	0.01	0.02	0.04
YoY Growth	-	-	93.48%	-4.98%	-8.67%	-2.84%	-1.57%	5.86%	258.54%	-56.47%	-47.81%	30.53%
Dividend Yield	-	-	0.78%	0.54%	0.64%	0.77%	1.01%	0.89%	0.79%	0.14%	0.13%	0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.21
(-) Cash Dividends Paid (M)	41.72
(=) Cash Retained (M)	28.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.04	8.78	5.27
Cash Retained (M)	28.49	28.49	28.49
(-) Cash Required (M)	-14.04	-8.78	-5.27
(=) Excess Retained (M)	14.45	19.72	23.23
(/) Shares Outstanding (M)	719.63	719.63	719.63
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.08	0.09	0.09
WACC / Discount Rate	5.09%	5.09%	5.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.47	$18.18	$19.40
Upside / Downside	70.31%	88.04%	100.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.21	74.78	79.64	84.81	90.32	96.20	99.08
Payout Ratio	59.42%	65.53%	71.65%	77.77%	83.88%	90.00%	92.50%
Projected Dividends (M)	41.72	49.00	57.06	65.96	75.77	86.58	91.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.09%	5.09%	5.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	46.19	46.63	47.07
Year 2 PV (M)	50.70	51.67	52.64
Year 3 PV (M)	55.24	56.83	58.44
Year 4 PV (M)	59.82	62.12	64.49
Year 5 PV (M)	64.43	67.54	70.78
PV of Terminal Value (M)	3,263.07	3,420.67	3,584.31
Equity Value (M)	3,539.45	3,705.46	3,877.73
Shares Outstanding (M)	719.63	719.63	719.63
Fair Value	$4.92	$5.15	$5.39
Upside / Downside	-49.14%	-46.75%	-44.28%

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Guangdong Sunwill Precising Plastic Co.,Ltd (002676.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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