DDM Analysis: 300690.SZ

Valuation Snapshot

Stable Growth	$17.70 - $37.27	$25.07
Multi-Stage	$37.30 - $41.06	$39.14
Blended Fair Value	$32.11
Current Price	$38.88
Upside	-17.42%
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	-6.68%	7.35%	0.21	0.15	0.30	0.67	0.47	0.30	0.45	0.30	0.22	0.11
YoY Growth	-	-	38.74%	-49.36%	-54.75%	43.13%	55.53%	-33.53%	51.10%	32.84%	99.84%	7.69%
Dividend Yield	-	-	0.98%	0.67%	1.75%	3.36%	1.62%	1.98%	2.54%	1.34%	1.17%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	166.32
(-) Cash Dividends Paid (M)	35.33
(=) Cash Retained (M)	130.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.26	20.79	12.47
Cash Retained (M)	130.99	130.99	130.99
(-) Cash Required (M)	-33.26	-20.79	-12.47
(=) Excess Retained (M)	97.73	110.20	118.52
(/) Shares Outstanding (M)	166.41	166.41	166.41
(=) Excess Retained per Share	0.59	0.66	0.71
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.59	0.66	0.71
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	0.66%	1.66%	2.66%
Fair Value	$17.70	$25.07	$37.27
Upside / Downside	-54.47%	-35.53%	-4.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	166.32	169.08	171.89	174.74	177.64	180.59	186.00
Payout Ratio	21.24%	34.99%	48.75%	62.50%	76.25%	90.00%	92.50%
Projected Dividends (M)	35.33	59.17	83.79	109.21	135.45	162.53	172.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	0.66%	1.66%	2.66%
Year 1 PV (M)	55.69	56.24	56.79
Year 2 PV (M)	74.22	75.70	77.20
Year 3 PV (M)	91.04	93.78	96.58
Year 4 PV (M)	106.28	110.56	114.98
Year 5 PV (M)	120.02	126.10	132.43
PV of Terminal Value (M)	5,759.63	6,051.47	6,355.01
Equity Value (M)	6,206.87	6,513.86	6,832.99
Shares Outstanding (M)	166.41	166.41	166.41
Fair Value	$37.30	$39.14	$41.06
Upside / Downside	-4.07%	0.68%	5.61%

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Shandong Shuangyi Technology Co., Ltd. (300690.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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