DDM Analysis: 300151.SZ

Valuation Snapshot

Stable Growth	$3.36 - $10.75	$5.42
Multi-Stage	$2.31 - $2.52	$2.42
Blended Fair Value	$3.92
Current Price	$12.96
Upside	-69.75%
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	19.16%	18.88%	0.13	0.20	0.18	0.18	0.00	0.06	0.03	0.03	0.03	0.03
YoY Growth	-	-	-33.86%	13.48%	-4.09%	0.00%	-100.00%	100.00%	-5.22%	-6.56%	23.66%	7.19%
Dividend Yield	-	-	0.88%	1.26%	0.86%	0.84%	0.00%	0.75%	0.41%	0.38%	0.26%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69.02
(-) Cash Dividends Paid (M)	52.15
(=) Cash Retained (M)	16.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.80	8.63	5.18
Cash Retained (M)	16.86	16.86	16.86
(-) Cash Required (M)	-13.80	-8.63	-5.18
(=) Excess Retained (M)	3.06	8.23	11.69
(/) Shares Outstanding (M)	547.19	547.19	547.19
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3.36	$5.42	$10.75
Upside / Downside	-74.06%	-58.15%	-17.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69.02	73.50	78.28	83.37	88.79	94.56	97.40
Payout Ratio	75.57%	78.46%	81.34%	84.23%	87.11%	90.00%	92.50%
Projected Dividends (M)	52.15	57.67	63.67	70.22	77.35	85.10	90.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	52.57	53.07	53.57
Year 2 PV (M)	52.91	53.92	54.94
Year 3 PV (M)	53.20	54.72	56.28
Year 4 PV (M)	53.41	55.47	57.58
Year 5 PV (M)	53.58	56.16	58.85
PV of Terminal Value (M)	1,000.83	1,049.17	1,099.36
Equity Value (M)	1,266.50	1,322.51	1,380.57
Shares Outstanding (M)	547.19	547.19	547.19
Fair Value	$2.31	$2.42	$2.52
Upside / Downside	-82.14%	-81.35%	-80.53%

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Shenzhen Changhong Technology Co., Ltd. (300151.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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