DDM Analysis: 002312.SZ

Valuation Snapshot

Stable Growth	$27.87 - $56.11	$52.58
Multi-Stage	$8.81 - $9.64	$9.22
Blended Fair Value	$30.90
Current Price	$10.83
Upside	185.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	98.40%	15.49%	0.16	0.29	0.04	0.03	0.06	0.01	0.00	0.03	0.06	0.05
YoY Growth	-	-	-44.72%	568.14%	25.95%	-37.52%	957.62%	45.98%	-87.78%	-54.45%	18.60%	42.53%
Dividend Yield	-	-	1.35%	4.13%	0.42%	0.33%	0.71%	0.12%	0.09%	0.43%	0.95%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	544.86
(-) Cash Dividends Paid (M)	367.75
(=) Cash Retained (M)	177.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.97	68.11	40.86
Cash Retained (M)	177.11	177.11	177.11
(-) Cash Required (M)	-108.97	-68.11	-40.86
(=) Excess Retained (M)	68.14	109.00	136.24
(/) Shares Outstanding (M)	1,931.27	1,931.27	1,931.27
(=) Excess Retained per Share	0.04	0.06	0.07
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.04	0.06	0.07
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.87	$52.58	$56.11
Upside / Downside	157.31%	385.51%	418.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	544.86	580.27	617.99	658.16	700.94	746.50	768.90
Payout Ratio	67.49%	72.00%	76.50%	81.00%	85.50%	90.00%	92.50%
Projected Dividends (M)	367.75	417.77	472.74	533.10	599.30	671.85	711.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	389.12	392.81	396.50
Year 2 PV (M)	410.13	417.94	425.83
Year 3 PV (M)	430.77	443.14	455.74
Year 4 PV (M)	451.06	468.40	486.24
Year 5 PV (M)	470.99	493.74	517.36
PV of Terminal Value (M)	14,863.56	15,581.47	16,326.87
Equity Value (M)	17,015.62	17,797.50	18,608.53
Shares Outstanding (M)	1,931.27	1,931.27	1,931.27
Fair Value	$8.81	$9.22	$9.64
Upside / Downside	-18.65%	-14.91%	-11.03%

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Sichuan Development Lomon Co., Ltd. (002312.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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