DDM Analysis: 002139.SZ

Valuation Snapshot

Stable Growth	$74.57 - $87.85	$82.33
Multi-Stage	$58.22 - $63.90	$61.01
Blended Fair Value	$71.67
Current Price	$15.65
Upside	357.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.06%	17.36%	0.10	0.09	0.08	0.07	0.06	0.10	0.07	0.06	0.04	0.02
YoY Growth	-	-	12.67%	13.58%	13.36%	9.93%	-40.56%	54.44%	17.35%	51.75%	84.28%	3.22%
Dividend Yield	-	-	0.64%	0.90%	0.59%	0.61%	0.55%	1.88%	1.10%	0.74%	0.62%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	539.68
(-) Cash Dividends Paid (M)	104.82
(=) Cash Retained (M)	434.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	107.94	67.46	40.48
Cash Retained (M)	434.86	434.86	434.86
(-) Cash Required (M)	-107.94	-67.46	-40.48
(=) Excess Retained (M)	326.92	367.40	394.38
(/) Shares Outstanding (M)	1,221.66	1,221.66	1,221.66
(=) Excess Retained per Share	0.27	0.30	0.32
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.27	0.30	0.32
(=) Adjusted Dividend	0.35	0.39	0.41
WACC / Discount Rate	-0.55%	-0.55%	-0.55%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$74.57	$82.33	$87.85
Upside / Downside	376.48%	426.09%	461.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	539.68	574.76	612.11	651.90	694.28	739.40	761.59
Payout Ratio	19.42%	33.54%	47.65%	61.77%	75.88%	90.00%	92.50%
Projected Dividends (M)	104.82	192.76	291.70	402.67	526.85	665.46	704.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.55%	-0.55%	-0.55%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	192.01	193.83	195.65
Year 2 PV (M)	289.41	294.92	300.48
Year 3 PV (M)	397.94	409.37	421.01
Year 4 PV (M)	518.61	538.56	559.07
Year 5 PV (M)	652.49	684.00	716.72
PV of Terminal Value (M)	69,072.84	72,409.09	75,873.02
Equity Value (M)	71,123.30	74,529.76	78,065.95
Shares Outstanding (M)	1,221.66	1,221.66	1,221.66
Fair Value	$58.22	$61.01	$63.90
Upside / Downside	272.00%	289.82%	308.32%

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Shenzhen Topband Co., Ltd. (002139.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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