DDM Analysis: 002970.SZ

Valuation Snapshot

Stable Growth	$158.19 - $386.79	$362.48
Multi-Stage	$56.75 - $62.10	$59.38
Blended Fair Value	$210.93
Current Price	$47.66
Upside	342.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	134.78%	22.60%	0.78	0.24	0.13	0.51	0.41	0.01	0.27	0.16	0.11	0.09
YoY Growth	-	-	229.69%	78.98%	-73.87%	24.58%	3,614.29%	-95.99%	67.77%	51.87%	13.16%	-7.06%
Dividend Yield	-	-	1.38%	0.88%	0.53%	1.76%	0.80%	0.02%	1.00%	0.60%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	343.77
(-) Cash Dividends Paid (M)	163.20
(=) Cash Retained (M)	180.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68.75	42.97	25.78
Cash Retained (M)	180.57	180.57	180.57
(-) Cash Required (M)	-68.75	-42.97	-25.78
(=) Excess Retained (M)	111.82	137.60	154.79
(/) Shares Outstanding (M)	176.76	176.76	176.76
(=) Excess Retained per Share	0.63	0.78	0.88
LTM Dividend per Share	0.92	0.92	0.92
(+) Excess Retained per Share	0.63	0.78	0.88
(=) Adjusted Dividend	1.56	1.70	1.80
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$158.19	$362.48	$386.79
Upside / Downside	231.92%	660.54%	711.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	343.77	366.11	389.91	415.25	442.25	470.99	485.12
Payout Ratio	47.47%	55.98%	64.48%	72.99%	81.49%	90.00%	92.50%
Projected Dividends (M)	163.20	204.95	251.43	303.09	360.41	423.89	448.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	190.56	192.37	194.18
Year 2 PV (M)	217.38	221.52	225.70
Year 3 PV (M)	243.65	250.65	257.78
Year 4 PV (M)	269.40	279.76	290.41
Year 5 PV (M)	294.62	308.85	323.62
PV of Terminal Value (M)	8,816.12	9,241.94	9,684.06
Equity Value (M)	10,031.73	10,495.08	10,975.74
Shares Outstanding (M)	176.76	176.76	176.76
Fair Value	$56.75	$59.38	$62.10
Upside / Downside	19.08%	24.58%	30.29%

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Streamax Technology Co., Ltd. (002970.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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