DDM Analysis: 002705.SZ

Valuation Snapshot

Stable Growth	$231.19 - $272.38	$255.26
Multi-Stage	$98.15 - $107.69	$102.83
Blended Fair Value	$179.05
Current Price	$15.72
Upside	1,038.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.13%	13.98%	0.40	0.41	0.20	0.61	0.40	0.35	0.30	0.27	0.16	0.14
YoY Growth	-	-	-0.59%	101.88%	-67.13%	54.73%	14.29%	14.95%	11.43%	65.16%	20.00%	25.00%
Dividend Yield	-	-	2.50%	2.33%	1.18%	3.67%	1.13%	1.86%	2.14%	2.29%	1.09%	1.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,108.83
(-) Cash Dividends Paid (M)	132.50
(=) Cash Retained (M)	976.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	221.77	138.60	83.16
Cash Retained (M)	976.33	976.33	976.33
(-) Cash Required (M)	-221.77	-138.60	-83.16
(=) Excess Retained (M)	754.56	837.72	893.16
(/) Shares Outstanding (M)	809.58	809.58	809.58
(=) Excess Retained per Share	0.93	1.03	1.10
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.93	1.03	1.10
(=) Adjusted Dividend	1.10	1.20	1.27
WACC / Discount Rate	4.46%	4.46%	4.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$231.19	$255.26	$272.38
Upside / Downside	1,370.69%	1,523.82%	1,632.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,108.83	1,180.90	1,257.66	1,339.41	1,426.47	1,519.19	1,564.77
Payout Ratio	11.95%	27.56%	43.17%	58.78%	74.39%	90.00%	92.50%
Projected Dividends (M)	132.50	325.45	542.93	787.30	1,061.15	1,367.27	1,447.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.46%	4.46%	4.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	308.63	311.56	314.49
Year 2 PV (M)	488.27	497.57	506.95
Year 3 PV (M)	671.45	690.72	710.36
Year 4 PV (M)	858.23	891.23	925.18
Year 5 PV (M)	1,048.67	1,099.32	1,151.91
PV of Terminal Value (M)	76,082.61	79,757.43	83,572.89
Equity Value (M)	79,457.85	83,247.82	87,181.78
Shares Outstanding (M)	809.58	809.58	809.58
Fair Value	$98.15	$102.83	$107.69
Upside / Downside	524.34%	554.12%	585.03%

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Guangdong Xinbao Electrical Appliances Holdings Co., Ltd (002705.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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