DDM Analysis: 002545.SZ

Valuation Snapshot

Stable Growth	$43.48 - $148.04	$138.74
Multi-Stage	$19.11 - $20.92	$20.00
Blended Fair Value	$79.37
Current Price	$14.00
Upside	466.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.86%	26.70%	0.22	0.41	0.25	0.10	0.08	0.12	0.05	0.02	0.04	0.32
YoY Growth	-	-	-45.62%	64.00%	150.00%	25.00%	-34.29%	134.62%	145.21%	-43.80%	-88.39%	1,450.00%
Dividend Yield	-	-	2.99%	5.84%	2.93%	0.88%	1.10%	1.72%	0.66%	0.24%	0.37%	4.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	926.00
(-) Cash Dividends Paid (M)	257.81
(=) Cash Retained (M)	668.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	185.20	115.75	69.45
Cash Retained (M)	668.19	668.19	668.19
(-) Cash Required (M)	-185.20	-115.75	-69.45
(=) Excess Retained (M)	482.99	552.44	598.74
(/) Shares Outstanding (M)	1,243.96	1,243.96	1,243.96
(=) Excess Retained per Share	0.39	0.44	0.48
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.39	0.44	0.48
(=) Adjusted Dividend	0.60	0.65	0.69
WACC / Discount Rate	6.94%	6.94%	6.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43.48	$138.74	$148.04
Upside / Downside	210.60%	890.97%	957.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	926.00	986.19	1,050.29	1,118.56	1,191.27	1,268.70	1,306.76
Payout Ratio	27.84%	40.27%	52.70%	65.14%	77.57%	90.00%	92.50%
Projected Dividends (M)	257.81	397.16	553.55	728.59	924.04	1,141.83	1,208.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.94%	6.94%	6.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	367.89	371.37	374.86
Year 2 PV (M)	474.94	483.99	493.12
Year 3 PV (M)	579.04	595.67	612.60
Year 4 PV (M)	680.24	706.40	733.31
Year 5 PV (M)	778.60	816.21	855.26
PV of Terminal Value (M)	20,894.18	21,903.38	22,951.20
Equity Value (M)	23,774.90	24,877.02	26,020.35
Shares Outstanding (M)	1,243.96	1,243.96	1,243.96
Fair Value	$19.11	$20.00	$20.92
Upside / Downside	36.52%	42.84%	49.41%

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Qingdao East Steel Tower Stock Co.Ltd (002545.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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