DDM Analysis: 000045.SZ

Valuation Snapshot

Stable Growth	$23.30 - $27.45	$25.73
Multi-Stage	$15.29 - $16.77	$16.01
Blended Fair Value	$20.87
Current Price	$12.78
Upside	63.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.10%	62.17%	0.10	0.11	0.11	0.08	0.01	0.09	0.04	0.00	0.00	0.00
YoY Growth	-	-	-11.67%	1.29%	47.74%	990.85%	-91.92%	119.45%	1,789.80%	23.19%	7.43%	96.84%
Dividend Yield	-	-	0.86%	1.13%	1.04%	0.97%	0.08%	1.25%	0.49%	0.02%	0.01%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69.91
(-) Cash Dividends Paid (M)	41.58
(=) Cash Retained (M)	28.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.98	8.74	5.24
Cash Retained (M)	28.34	28.34	28.34
(-) Cash Required (M)	-13.98	-8.74	-5.24
(=) Excess Retained (M)	14.35	19.60	23.09
(/) Shares Outstanding (M)	506.47	506.47	506.47
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	3.17%	3.17%	3.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.30	$25.73	$27.45
Upside / Downside	82.33%	101.31%	114.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69.91	74.46	79.30	84.45	89.94	95.79	98.66
Payout Ratio	59.47%	65.58%	71.68%	77.79%	83.89%	90.00%	92.50%
Projected Dividends (M)	41.58	48.83	56.84	65.69	75.46	86.21	91.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.17%	3.17%	3.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	46.88	47.33	47.77
Year 2 PV (M)	52.41	53.41	54.42
Year 3 PV (M)	58.16	59.83	61.53
Year 4 PV (M)	64.15	66.61	69.15
Year 5 PV (M)	70.37	73.77	77.30
PV of Terminal Value (M)	7,449.81	7,809.64	8,183.24
Equity Value (M)	7,741.79	8,110.59	8,493.41
Shares Outstanding (M)	506.47	506.47	506.47
Fair Value	$15.29	$16.01	$16.77
Upside / Downside	19.61%	25.31%	31.22%

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Shenzhen Textile (Holdings) Co., Ltd. (000045.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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