DDM Analysis: 003039.SZ

Valuation Snapshot

Stable Growth	$45.25 - $87.74	$82.23
Multi-Stage	$13.94 - $15.24	$14.58
Blended Fair Value	$48.40
Current Price	$13.26
Upside	265.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	32.23%	7.07%	0.55	0.11	0.13	0.12	0.10	0.14	0.13	0.15	0.12	0.12
YoY Growth	-	-	396.25%	-12.60%	2.42%	19.86%	-24.08%	5.40%	-12.16%	20.45%	3.95%	-57.75%
Dividend Yield	-	-	4.01%	0.82%	0.68%	0.57%	0.24%	1.61%	0.00%	0.00%	1.45%	1.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	272.47
(-) Cash Dividends Paid (M)	192.00
(=) Cash Retained (M)	80.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.49	34.06	20.44
Cash Retained (M)	80.47	80.47	80.47
(-) Cash Required (M)	-54.49	-34.06	-20.44
(=) Excess Retained (M)	25.97	46.41	60.03
(/) Shares Outstanding (M)	617.60	617.60	617.60
(=) Excess Retained per Share	0.04	0.08	0.10
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.04	0.08	0.10
(=) Adjusted Dividend	0.35	0.39	0.41
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.25	$82.23	$87.74
Upside / Downside	241.22%	520.10%	561.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	272.47	290.18	309.05	329.13	350.53	373.31	384.51
Payout Ratio	70.47%	74.37%	78.28%	82.19%	86.09%	90.00%	92.50%
Projected Dividends (M)	192.00	215.82	241.92	270.51	301.78	335.98	355.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	201.08	202.99	204.89
Year 2 PV (M)	210.00	214.00	218.04
Year 3 PV (M)	218.78	225.06	231.46
Year 4 PV (M)	227.40	236.15	245.14
Year 5 PV (M)	235.88	247.27	259.10
PV of Terminal Value (M)	7,514.57	7,877.53	8,254.38
Equity Value (M)	8,607.72	9,003.00	9,413.01
Shares Outstanding (M)	617.60	617.60	617.60
Fair Value	$13.94	$14.58	$15.24
Upside / Downside	5.11%	9.94%	14.94%

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Guangdong Shunkong Development Co.,Ltd. (003039.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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