DDM Analysis: 002023.SZ

Valuation Snapshot

Stable Growth	$4.62 - $14.85	$7.47
Multi-Stage	$3.06 - $3.34	$3.20
Blended Fair Value	$5.33
Current Price	$12.49
Upside	-57.31%
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	2.69%	13.90%	0.17	0.12	0.12	0.14	0.03	0.15	0.11	0.10	0.05	0.05
YoY Growth	-	-	43.21%	-1.12%	-14.26%	349.26%	-79.06%	31.85%	8.68%	87.16%	19.99%	0.00%
Dividend Yield	-	-	1.68%	1.21%	1.27%	1.24%	0.26%	1.06%	0.84%	1.02%	0.41%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	127.99
(-) Cash Dividends Paid (M)	51.52
(=) Cash Retained (M)	76.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.60	16.00	9.60
Cash Retained (M)	76.47	76.47	76.47
(-) Cash Required (M)	-25.60	-16.00	-9.60
(=) Excess Retained (M)	50.87	60.47	66.87
(/) Shares Outstanding (M)	740.89	740.89	740.89
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	8.66%	8.66%	8.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.62	$7.47	$14.85
Upside / Downside	-63.02%	-40.23%	18.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	127.99	136.31	145.17	154.60	164.65	175.35	180.61
Payout Ratio	40.25%	50.20%	60.15%	70.10%	80.05%	90.00%	92.50%
Projected Dividends (M)	51.52	68.43	87.32	108.38	131.80	157.82	167.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.66%	8.66%	8.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	62.38	62.98	63.57
Year 2 PV (M)	72.58	73.96	75.36
Year 3 PV (M)	82.13	84.48	86.89
Year 4 PV (M)	91.06	94.56	98.16
Year 5 PV (M)	99.40	104.20	109.19
PV of Terminal Value (M)	1,860.33	1,950.19	2,043.48
Equity Value (M)	2,267.88	2,370.37	2,476.64
Shares Outstanding (M)	740.89	740.89	740.89
Fair Value	$3.06	$3.20	$3.34
Upside / Downside	-75.49%	-74.38%	-73.24%

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UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
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Sichuan Haite High-tech Co., Ltd. (002023.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener