DDM Analysis: 688518.SS

Valuation Snapshot

Stable Growth	$88.87 - $104.70	$98.12
Multi-Stage	$62.29 - $68.35	$65.26
Blended Fair Value	$81.69
Current Price	$26.55
Upside	207.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	65.21%	60.97%	0.19	0.13	0.11	0.11	0.00	0.02	0.02	0.00	0.02	0.00
YoY Growth	-	-	44.95%	15.21%	6.27%	2,771.83%	-75.85%	-13.99%	0.00%	-100.00%	1,258.31%	-3.12%
Dividend Yield	-	-	1.16%	0.88%	0.36%	0.31%	0.03%	0.06%	0.07%	0.00%	0.08%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	178.88
(-) Cash Dividends Paid (M)	63.38
(=) Cash Retained (M)	115.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.78	22.36	13.42
Cash Retained (M)	115.50	115.50	115.50
(-) Cash Required (M)	-35.78	-22.36	-13.42
(=) Excess Retained (M)	79.72	93.14	102.08
(/) Shares Outstanding (M)	339.76	339.76	339.76
(=) Excess Retained per Share	0.23	0.27	0.30
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.23	0.27	0.30
(=) Adjusted Dividend	0.42	0.46	0.49
WACC / Discount Rate	1.70%	1.70%	1.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$88.87	$98.12	$104.70
Upside / Downside	234.73%	269.58%	294.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	178.88	190.50	202.89	216.07	230.12	245.08	252.43
Payout Ratio	35.43%	46.35%	57.26%	68.17%	79.09%	90.00%	92.50%
Projected Dividends (M)	63.38	88.29	116.17	147.30	181.99	220.57	233.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.70%	1.70%	1.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	86.00	86.81	87.63
Year 2 PV (M)	110.22	112.32	114.44
Year 3 PV (M)	136.13	140.04	144.02
Year 4 PV (M)	163.82	170.12	176.60
Year 5 PV (M)	193.40	202.74	212.44
PV of Terminal Value (M)	20,473.13	21,461.98	22,488.69
Equity Value (M)	21,162.69	22,174.02	23,223.82
Shares Outstanding (M)	339.76	339.76	339.76
Fair Value	$62.29	$65.26	$68.35
Upside / Downside	134.60%	145.81%	157.45%

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Shenzhen United Winners Laser Co., Ltd. (688518.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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