DDM Analysis: 002959.SZ

Valuation Snapshot

Stable Growth	$28.19 - $48.34	$36.90
Multi-Stage	$52.40 - $57.59	$54.95
Blended Fair Value	$45.93
Current Price	$49.97
Upside	-8.09%
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	204.08%	0.00%	1.23	0.79	0.59	1.20	0.77	0.00	0.01	0.54	0.33	0.06
YoY Growth	-	-	55.55%	33.32%	-50.45%	56.44%	16,072.51%	-61.83%	-97.70%	64.60%	447.39%	0.00%
Dividend Yield	-	-	2.86%	1.41%	0.84%	2.66%	0.89%	0.01%	0.03%	1.42%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	353.53
(-) Cash Dividends Paid (M)	155.54
(=) Cash Retained (M)	197.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	70.71	44.19	26.51
Cash Retained (M)	197.98	197.98	197.98
(-) Cash Required (M)	-70.71	-44.19	-26.51
(=) Excess Retained (M)	127.28	153.79	171.47
(/) Shares Outstanding (M)	156.61	156.61	156.61
(=) Excess Retained per Share	0.81	0.98	1.09
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	0.81	0.98	1.09
(=) Adjusted Dividend	1.81	1.98	2.09
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	0.04%	1.04%	2.04%
Fair Value	$28.19	$36.90	$48.34
Upside / Downside	-43.58%	-26.15%	-3.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	353.53	357.19	360.90	364.64	368.42	372.24	383.41
Payout Ratio	44.00%	53.20%	62.40%	71.60%	80.80%	90.00%	92.50%
Projected Dividends (M)	155.54	190.02	225.19	261.08	297.68	335.01	354.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	0.04%	1.04%	2.04%
Year 1 PV (M)	176.75	178.52	180.28
Year 2 PV (M)	194.84	198.75	202.70
Year 3 PV (M)	210.11	216.47	222.96
Year 4 PV (M)	222.83	231.88	241.19
Year 5 PV (M)	233.26	245.16	257.53
PV of Terminal Value (M)	7,168.69	7,534.23	7,914.53
Equity Value (M)	8,206.48	8,605.00	9,019.20
Shares Outstanding (M)	156.61	156.61	156.61
Fair Value	$52.40	$54.95	$57.59
Upside / Downside	4.87%	9.96%	15.25%

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Bear Electric Appliance Co.,Ltd. (002959.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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