DDM Analysis: 003033.SZ

Valuation Snapshot

Stable Growth	$342.88 - $403.97	$378.58
Multi-Stage	$270.24 - $296.59	$283.17
Blended Fair Value	$330.88
Current Price	$61.99
Upside	433.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.94%	18.87%	0.70	0.68	0.46	0.41	0.02	0.28	0.33	0.46	0.08	0.11
YoY Growth	-	-	3.19%	49.64%	11.76%	2,178.16%	-93.69%	-13.18%	-28.87%	473.38%	-29.67%	-8.87%
Dividend Yield	-	-	1.57%	2.60%	1.23%	1.67%	0.06%	0.85%	0.97%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	165.88
(-) Cash Dividends Paid (M)	53.56
(=) Cash Retained (M)	112.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.18	20.73	12.44
Cash Retained (M)	112.32	112.32	112.32
(-) Cash Required (M)	-33.18	-20.73	-12.44
(=) Excess Retained (M)	79.14	91.58	99.88
(/) Shares Outstanding (M)	81.66	81.66	81.66
(=) Excess Retained per Share	0.97	1.12	1.22
LTM Dividend per Share	0.66	0.66	0.66
(+) Excess Retained per Share	0.97	1.12	1.22
(=) Adjusted Dividend	1.63	1.78	1.88
WACC / Discount Rate	-0.69%	-0.69%	-0.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$342.88	$378.58	$403.97
Upside / Downside	453.13%	510.72%	551.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	165.88	176.66	188.14	200.37	213.40	227.27	234.09
Payout Ratio	32.29%	43.83%	55.37%	66.92%	78.46%	90.00%	92.50%
Projected Dividends (M)	53.56	77.43	104.18	134.08	167.43	204.54	216.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.69%	-0.69%	-0.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	77.24	77.97	78.71
Year 2 PV (M)	103.67	105.64	107.63
Year 3 PV (M)	133.09	136.91	140.80
Year 4 PV (M)	165.78	172.15	178.71
Year 5 PV (M)	202.03	211.79	221.92
PV of Terminal Value (M)	21,386.84	22,419.83	23,492.36
Equity Value (M)	22,068.64	23,124.30	24,220.13
Shares Outstanding (M)	81.66	81.66	81.66
Fair Value	$270.24	$283.17	$296.59
Upside / Downside	335.95%	356.80%	378.45%

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Qingdao CHOHO Industrial Co., Ltd (003033.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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