DDM Analysis: 002138.SZ

Valuation Snapshot

Stable Growth	$90.67 - $251.13	$235.34
Multi-Stage	$35.64 - $38.98	$37.28
Blended Fair Value	$136.31
Current Price	$35.16
Upside	287.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.94%	15.35%	0.45	0.31	0.41	0.27	0.25	0.23	0.21	0.24	0.22	0.02
YoY Growth	-	-	46.22%	-24.55%	52.62%	7.52%	10.83%	6.51%	-12.01%	7.39%	1,343.80%	-85.70%
Dividend Yield	-	-	1.57%	1.13%	1.57%	1.05%	0.75%	1.12%	1.12%	1.41%	1.18%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	986.88
(-) Cash Dividends Paid (M)	558.63
(=) Cash Retained (M)	428.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	197.38	123.36	74.02
Cash Retained (M)	428.25	428.25	428.25
(-) Cash Required (M)	-197.38	-123.36	-74.02
(=) Excess Retained (M)	230.87	304.89	354.23
(/) Shares Outstanding (M)	781.54	781.54	781.54
(=) Excess Retained per Share	0.30	0.39	0.45
LTM Dividend per Share	0.71	0.71	0.71
(+) Excess Retained per Share	0.30	0.39	0.45
(=) Adjusted Dividend	1.01	1.10	1.17
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$90.67	$235.34	$251.13
Upside / Downside	157.86%	569.35%	614.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	986.88	1,051.02	1,119.34	1,192.10	1,269.58	1,352.11	1,392.67
Payout Ratio	56.61%	63.28%	69.96%	76.64%	83.32%	90.00%	92.50%
Projected Dividends (M)	558.63	665.13	783.13	913.65	1,057.83	1,216.90	1,288.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	617.66	623.51	629.37
Year 2 PV (M)	675.32	688.18	701.17
Year 3 PV (M)	731.64	752.64	774.04
Year 4 PV (M)	786.63	816.88	848.00
Year 5 PV (M)	840.32	880.91	923.05
PV of Terminal Value (M)	24,202.89	25,371.90	26,585.65
Equity Value (M)	27,854.45	29,134.02	30,461.26
Shares Outstanding (M)	781.54	781.54	781.54
Fair Value	$35.64	$37.28	$38.98
Upside / Downside	1.37%	6.02%	10.85%

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Shenzhen Sunlord Electronics Co.,Ltd. (002138.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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