DDM Analysis: 002611.SZ

Valuation Snapshot

Stable Growth	$17.52 - $94.51	$31.76
Multi-Stage	$49.31 - $54.44	$51.82
Blended Fair Value	$41.79
Current Price	$18.02
Upside	131.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-23.77%	0.82%	0.02	0.01	0.01	0.01	0.01	0.08	0.09	0.04	0.02	0.02
YoY Growth	-	-	37.44%	101.21%	-13.56%	-35.92%	-83.19%	-13.32%	122.26%	155.29%	-15.63%	1.53%
Dividend Yield	-	-	0.16%	0.19%	0.14%	0.17%	0.31%	1.69%	1.96%	0.30%	0.09%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	680.93
(-) Cash Dividends Paid (M)	230.92
(=) Cash Retained (M)	450.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	136.19	85.12	51.07
Cash Retained (M)	450.01	450.01	450.01
(-) Cash Required (M)	-136.19	-85.12	-51.07
(=) Excess Retained (M)	313.83	364.90	398.94
(/) Shares Outstanding (M)	1,200.63	1,200.63	1,200.63
(=) Excess Retained per Share	0.26	0.30	0.33
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.26	0.30	0.33
(=) Adjusted Dividend	0.45	0.50	0.52
WACC / Discount Rate	1.38%	1.38%	1.38%
Growth Rate	-1.18%	-0.18%	0.82%
Fair Value	$17.52	$31.76	$94.51
Upside / Downside	-2.80%	76.25%	424.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	680.93	679.67	678.42	677.17	675.92	674.68	694.92
Payout Ratio	33.91%	45.13%	56.35%	67.56%	78.78%	90.00%	92.50%
Projected Dividends (M)	230.92	306.73	382.27	457.53	532.51	607.21	642.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.38%	1.38%	1.38%
Growth Rate	-1.18%	-0.18%	0.82%
Year 1 PV (M)	299.54	302.57	305.60
Year 2 PV (M)	364.55	371.97	379.46
Year 3 PV (M)	426.09	439.16	452.49
Year 4 PV (M)	484.29	504.19	524.70
Year 5 PV (M)	539.28	567.12	596.11
PV of Terminal Value (M)	57,088.53	60,036.22	63,104.44
Equity Value (M)	59,202.28	62,221.24	65,362.80
Shares Outstanding (M)	1,200.63	1,200.63	1,200.63
Fair Value	$49.31	$51.82	$54.44
Upside / Downside	173.64%	187.59%	202.11%

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Guangdong Dongfang Precision Science & Technology Co., Ltd. (002611.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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