DDM Analysis: 002281.SZ

Valuation Snapshot

Stable Growth	$23.18 - $51.89	$33.54
Multi-Stage	$16.52 - $18.05	$17.27
Blended Fair Value	$25.40
Current Price	$66.60
Upside	-61.86%
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	10.85%	15.26%	0.24	0.17	0.15	0.15	0.15	0.15	0.14	0.13	0.13	0.13
YoY Growth	-	-	41.41%	14.71%	0.14%	3.13%	-0.09%	3.19%	8.52%	-2.07%	0.00%	125.47%
Dividend Yield	-	-	0.53%	0.42%	0.58%	0.83%	0.65%	0.46%	0.44%	0.45%	0.55%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	916.28
(-) Cash Dividends Paid (M)	127.11
(=) Cash Retained (M)	789.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	183.26	114.54	68.72
Cash Retained (M)	789.17	789.17	789.17
(-) Cash Required (M)	-183.26	-114.54	-68.72
(=) Excess Retained (M)	605.91	674.63	720.45
(/) Shares Outstanding (M)	790.36	790.36	790.36
(=) Excess Retained per Share	0.77	0.85	0.91
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.77	0.85	0.91
(=) Adjusted Dividend	0.93	1.01	1.07
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.18	$33.54	$51.89
Upside / Downside	-65.20%	-49.65%	-22.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	916.28	975.84	1,039.27	1,106.82	1,178.77	1,255.39	1,293.05
Payout Ratio	13.87%	29.10%	44.32%	59.55%	74.77%	90.00%	92.50%
Projected Dividends (M)	127.11	283.95	460.64	659.10	881.42	1,129.85	1,196.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	256.36	258.79	261.22
Year 2 PV (M)	375.48	382.63	389.85
Year 3 PV (M)	485.05	498.97	513.16
Year 4 PV (M)	585.63	608.16	631.32
Year 5 PV (M)	677.76	710.50	744.48
PV of Terminal Value (M)	10,674.44	11,190.02	11,725.33
Equity Value (M)	13,054.73	13,649.07	14,265.37
Shares Outstanding (M)	790.36	790.36	790.36
Fair Value	$16.52	$17.27	$18.05
Upside / Downside	-75.20%	-74.07%	-72.90%

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Accelink Technologies Co,Ltd. (002281.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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