DDM Analysis: 002152.SZ

Valuation Snapshot

Stable Growth	$36.80 - $69.05	$64.71
Multi-Stage	$11.02 - $12.06	$11.53
Blended Fair Value	$38.12
Current Price	$13.88
Upside	174.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.78%	13.65%	0.22	0.21	0.16	0.16	0.12	0.12	0.20	0.07	0.09	0.22
YoY Growth	-	-	5.54%	31.12%	1.11%	28.57%	1.44%	-39.69%	197.56%	-24.37%	-59.67%	260.00%
Dividend Yield	-	-	1.66%	1.72%	1.30%	1.48%	1.07%	1.40%	2.58%	0.94%	1.04%	2.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	849.13
(-) Cash Dividends Paid (M)	553.42
(=) Cash Retained (M)	295.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	169.83	106.14	63.68
Cash Retained (M)	295.71	295.71	295.71
(-) Cash Required (M)	-169.83	-106.14	-63.68
(=) Excess Retained (M)	125.88	189.57	232.02
(/) Shares Outstanding (M)	2,445.55	2,445.55	2,445.55
(=) Excess Retained per Share	0.05	0.08	0.09
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.05	0.08	0.09
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.80	$64.71	$69.05
Upside / Downside	165.14%	366.22%	397.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	849.13	904.32	963.10	1,025.70	1,092.37	1,163.38	1,198.28
Payout Ratio	65.18%	70.14%	75.11%	80.07%	85.04%	90.00%	92.50%
Projected Dividends (M)	553.42	634.29	723.34	821.28	928.90	1,047.04	1,108.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	591.12	596.72	602.32
Year 2 PV (M)	628.22	640.18	652.26
Year 3 PV (M)	664.73	683.81	703.26
Year 4 PV (M)	700.66	727.61	755.32
Year 5 PV (M)	736.02	771.56	808.48
PV of Terminal Value (M)	23,637.17	24,778.85	25,964.23
Equity Value (M)	26,957.91	28,198.74	29,485.87
Shares Outstanding (M)	2,445.55	2,445.55	2,445.55
Fair Value	$11.02	$11.53	$12.06
Upside / Downside	-20.58%	-16.93%	-13.13%

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GRG Banking Equipment Co., Ltd. (002152.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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