DDM Analysis: 002080.SZ

Valuation Snapshot

Stable Growth	$103.82 - $208.98	$195.84
Multi-Stage	$32.39 - $35.44	$33.89
Blended Fair Value	$114.87
Current Price	$34.02
Upside	237.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.59%	26.57%	0.72	0.89	0.99	0.79	0.63	0.44	0.29	0.27	0.31	0.28
YoY Growth	-	-	-18.93%	-9.97%	25.82%	26.13%	42.82%	50.02%	9.09%	-12.47%	7.82%	312.91%
Dividend Yield	-	-	4.86%	5.67%	4.11%	3.25%	2.68%	3.85%	2.58%	2.62%	3.24%	3.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,763.29
(-) Cash Dividends Paid (M)	824.11
(=) Cash Retained (M)	939.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	352.66	220.41	132.25
Cash Retained (M)	939.18	939.18	939.18
(-) Cash Required (M)	-352.66	-220.41	-132.25
(=) Excess Retained (M)	586.52	718.77	806.93
(/) Shares Outstanding (M)	1,678.05	1,678.05	1,678.05
(=) Excess Retained per Share	0.35	0.43	0.48
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	0.35	0.43	0.48
(=) Adjusted Dividend	0.84	0.92	0.97
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$103.82	$195.84	$208.98
Upside / Downside	205.16%	475.67%	514.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,763.29	1,877.91	1,999.97	2,129.97	2,268.41	2,415.86	2,488.34
Payout Ratio	46.74%	55.39%	64.04%	72.69%	81.35%	90.00%	92.50%
Projected Dividends (M)	824.11	1,040.17	1,280.83	1,548.38	1,845.30	2,174.28	2,301.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	968.84	978.02	987.20
Year 2 PV (M)	1,111.18	1,132.35	1,153.71
Year 3 PV (M)	1,251.18	1,287.10	1,323.70
Year 4 PV (M)	1,388.86	1,442.27	1,497.21
Year 5 PV (M)	1,524.24	1,597.86	1,674.30
PV of Terminal Value (M)	48,105.07	50,428.56	52,840.98
Equity Value (M)	54,349.37	56,866.16	59,477.10
Shares Outstanding (M)	1,678.05	1,678.05	1,678.05
Fair Value	$32.39	$33.89	$35.44
Upside / Downside	-4.80%	-0.39%	4.19%

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Sinoma Science & Technology Co.,Ltd. (002080.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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