DDM Analysis: 002106.SZ

Valuation Snapshot

Stable Growth	$8.02 - $17.19	$11.43
Multi-Stage	$5.88 - $6.42	$6.14
Blended Fair Value	$8.78
Current Price	$12.11
Upside	-27.47%
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	19.83%	9.60%	0.25	0.20	0.10	0.15	0.10	0.10	0.10	0.10	0.00	0.02
YoY Growth	-	-	25.00%	100.00%	-33.33%	50.00%	-1.16%	1.17%	0.00%	0.00%	-100.00%	-80.15%
Dividend Yield	-	-	2.27%	2.05%	1.13%	1.68%	0.94%	1.16%	1.07%	1.22%	0.00%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	297.63
(-) Cash Dividends Paid (M)	70.58
(=) Cash Retained (M)	227.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.53	37.20	22.32
Cash Retained (M)	227.05	227.05	227.05
(-) Cash Required (M)	-59.53	-37.20	-22.32
(=) Excess Retained (M)	167.52	189.85	204.73
(/) Shares Outstanding (M)	705.79	705.79	705.79
(=) Excess Retained per Share	0.24	0.27	0.29
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.24	0.27	0.29
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.02	$11.43	$17.19
Upside / Downside	-33.79%	-5.65%	41.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	297.63	316.98	337.58	359.53	382.89	407.78	420.02
Payout Ratio	23.71%	36.97%	50.23%	63.49%	76.74%	90.00%	92.50%
Projected Dividends (M)	70.58	117.19	169.56	228.25	293.84	367.00	388.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	105.60	106.60	107.60
Year 2 PV (M)	137.67	140.29	142.94
Year 3 PV (M)	166.98	171.77	176.65
Year 4 PV (M)	193.69	201.14	208.81
Year 5 PV (M)	217.98	228.51	239.44
PV of Terminal Value (M)	3,325.42	3,486.04	3,652.80
Equity Value (M)	4,147.34	4,334.35	4,528.24
Shares Outstanding (M)	705.79	705.79	705.79
Fair Value	$5.88	$6.14	$6.42
Upside / Downside	-51.48%	-49.29%	-47.02%

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Shenzhen Laibao Hi-Tech Co., Ltd. (002106.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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