DDM Analysis: 002299.SZ

Valuation Snapshot

Stable Growth	$30.25 - $90.36	$47.91
Multi-Stage	$33.64 - $36.90	$35.24
Blended Fair Value	$41.57
Current Price	$18.03
Upside	130.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.21%	8.45%	0.47	0.20	0.30	1.11	2.51	1.00	0.18	0.45	0.21	0.25
YoY Growth	-	-	132.33%	-33.26%	-72.86%	-55.89%	150.40%	465.67%	-60.55%	116.84%	-16.20%	19.37%
Dividend Yield	-	-	3.10%	1.21%	1.22%	5.58%	9.74%	4.24%	0.68%	3.24%	1.11%	0.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,500.47
(-) Cash Dividends Paid (M)	595.58
(=) Cash Retained (M)	904.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	300.09	187.56	112.54
Cash Retained (M)	904.89	904.89	904.89
(-) Cash Required (M)	-300.09	-187.56	-112.54
(=) Excess Retained (M)	604.80	717.33	792.36
(/) Shares Outstanding (M)	1,237.32	1,237.32	1,237.32
(=) Excess Retained per Share	0.49	0.58	0.64
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.49	0.58	0.64
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.01%	4.01%	5.01%
Fair Value	$30.25	$47.91	$90.36
Upside / Downside	67.78%	165.72%	401.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,500.47	1,560.57	1,623.08	1,688.10	1,755.71	1,826.04	1,880.82
Payout Ratio	39.69%	49.75%	59.82%	69.88%	79.94%	90.00%	92.50%
Projected Dividends (M)	595.58	776.45	970.86	1,179.59	1,403.49	1,643.44	1,739.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.01%	4.01%	5.01%
Year 1 PV (M)	723.35	730.37	737.40
Year 2 PV (M)	842.61	859.05	875.64
Year 3 PV (M)	953.75	981.80	1,010.39
Year 4 PV (M)	1,057.17	1,098.83	1,141.70
Year 5 PV (M)	1,153.25	1,210.33	1,269.64
PV of Terminal Value (M)	36,894.42	38,720.43	40,618.03
Equity Value (M)	41,624.55	43,600.80	45,652.81
Shares Outstanding (M)	1,237.32	1,237.32	1,237.32
Fair Value	$33.64	$35.24	$36.90
Upside / Downside	86.58%	95.44%	104.64%

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Fujian Sunner Development Co., Ltd. (002299.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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