DDM Analysis: 300389.SZ

Valuation Snapshot

Stable Growth	$84.32 - $99.34	$93.10
Multi-Stage	$61.86 - $67.89	$64.82
Blended Fair Value	$78.96
Current Price	$16.74
Upside	371.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.09%	13.20%	0.30	0.30	1.46	0.00	0.00	0.13	0.07	0.11	0.09	0.11
YoY Growth	-	-	0.00%	-79.69%	312,808.78%	114,427.33%	-100.00%	94.07%	-39.53%	25.82%	-15.60%	26.00%
Dividend Yield	-	-	2.70%	1.68%	10.23%	0.00%	0.00%	1.56%	0.40%	0.74%	0.46%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	184.37
(-) Cash Dividends Paid (M)	55.37
(=) Cash Retained (M)	129.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.87	23.05	13.83
Cash Retained (M)	129.00	129.00	129.00
(-) Cash Required (M)	-36.87	-23.05	-13.83
(=) Excess Retained (M)	92.13	105.96	115.17
(/) Shares Outstanding (M)	369.09	369.09	369.09
(=) Excess Retained per Share	0.25	0.29	0.31
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.25	0.29	0.31
(=) Adjusted Dividend	0.40	0.44	0.46
WACC / Discount Rate	0.75%	0.75%	0.75%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$84.32	$93.10	$99.34
Upside / Downside	403.69%	456.14%	493.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	184.37	196.35	209.11	222.71	237.18	252.60	260.18
Payout Ratio	30.03%	42.02%	54.02%	66.01%	78.01%	90.00%	92.50%
Projected Dividends (M)	55.37	82.51	112.96	147.01	185.02	227.34	240.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.75%	0.75%	0.75%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	81.13	81.90	82.67
Year 2 PV (M)	109.21	111.29	113.39
Year 3 PV (M)	139.76	143.77	147.86
Year 4 PV (M)	172.95	179.60	186.44
Year 5 PV (M)	208.96	219.05	229.53
PV of Terminal Value (M)	22,120.37	23,188.79	24,298.11
Equity Value (M)	22,832.38	23,924.41	25,058.00
Shares Outstanding (M)	369.09	369.09	369.09
Fair Value	$61.86	$64.82	$67.89
Upside / Downside	269.54%	287.21%	305.56%

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Shenzhen Absen Optoelectronic Co.,Ltd. (300389.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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