DDM Analysis: 002396.SZ

Valuation Snapshot

Stable Growth	$31.99 - $166.05	$64.70
Multi-Stage	$17.92 - $19.59	$18.74
Blended Fair Value	$41.72
Current Price	$30.35
Upside	37.46%
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	23.02%	5.69%	0.32	0.14	0.17	0.15	0.14	0.11	0.15	0.10	0.09	0.06
YoY Growth	-	-	118.05%	-13.98%	13.73%	8.33%	21.90%	-23.50%	53.30%	9.82%	39.58%	-65.67%
Dividend Yield	-	-	1.58%	0.83%	0.71%	0.73%	0.69%	0.31%	0.60%	0.39%	0.46%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	486.24
(-) Cash Dividends Paid (M)	173.94
(=) Cash Retained (M)	312.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	97.25	60.78	36.47
Cash Retained (M)	312.29	312.29	312.29
(-) Cash Required (M)	-97.25	-60.78	-36.47
(=) Excess Retained (M)	215.05	251.51	275.83
(/) Shares Outstanding (M)	582.36	582.36	582.36
(=) Excess Retained per Share	0.37	0.43	0.47
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.37	0.43	0.47
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	7.70%	7.70%	7.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31.99	$64.70	$166.05
Upside / Downside	5.42%	113.17%	447.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	486.24	517.84	551.50	587.35	625.53	666.19	686.18
Payout Ratio	35.77%	46.62%	57.46%	68.31%	79.15%	90.00%	92.50%
Projected Dividends (M)	173.94	241.41	316.92	401.22	495.14	599.57	634.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.70%	7.70%	7.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	222.04	224.15	226.25
Year 2 PV (M)	268.10	273.21	278.36
Year 3 PV (M)	312.18	321.14	330.28
Year 4 PV (M)	354.35	367.98	381.99
Year 5 PV (M)	394.66	413.72	433.51
PV of Terminal Value (M)	8,884.27	9,313.38	9,758.91
Equity Value (M)	10,435.60	10,913.58	11,409.31
Shares Outstanding (M)	582.36	582.36	582.36
Fair Value	$17.92	$18.74	$19.59
Upside / Downside	-40.96%	-38.25%	-35.45%

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Fujian Star-net Communication Co., Ltd. (002396.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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