DDM Analysis: 300739.SZ

Valuation Snapshot

Stable Growth	$28.52 - $33.61	$31.49
Multi-Stage	$21.62 - $23.74	$22.66
Blended Fair Value	$27.08
Current Price	$16.29
Upside	66.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.97%	53.03%	0.22	0.36	0.28	0.30	0.22	0.23	0.13	0.10	0.06	0.18
YoY Growth	-	-	-39.06%	27.24%	-5.09%	36.10%	-4.90%	76.09%	29.46%	75.32%	-67.29%	5,554.79%
Dividend Yield	-	-	1.64%	2.67%	1.81%	2.10%	1.49%	1.35%	0.79%	0.54%	0.40%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.87
(-) Cash Dividends Paid (M)	49.94
(=) Cash Retained (M)	1.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.37	6.48	3.89
Cash Retained (M)	1.92	1.92	1.92
(-) Cash Required (M)	-10.37	-6.48	-3.89
(=) Excess Retained (M)	-8.45	-4.56	-1.97
(/) Shares Outstanding (M)	303.42	303.42	303.42
(=) Excess Retained per Share	-0.03	-0.02	-0.01
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	-0.03	-0.02	-0.01
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	-0.61%	-0.61%	-0.61%
Growth Rate	4.28%	5.28%	6.28%
Fair Value	$28.52	$31.49	$33.61
Upside / Downside	75.08%	93.33%	106.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.87	54.60	57.49	60.52	63.72	67.08	69.09
Payout Ratio	96.29%	95.03%	93.78%	92.52%	91.26%	90.00%	92.50%
Projected Dividends (M)	49.94	51.89	53.91	55.99	58.15	60.37	63.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.61%	-0.61%	-0.61%
Growth Rate	4.28%	5.28%	6.28%
Year 1 PV (M)	51.72	52.21	52.71
Year 2 PV (M)	53.54	54.57	55.61
Year 3 PV (M)	55.42	57.03	58.67
Year 4 PV (M)	57.35	59.59	61.88
Year 5 PV (M)	59.35	62.25	65.26
PV of Terminal Value (M)	6,282.37	6,589.44	6,908.39
Equity Value (M)	6,559.75	6,875.08	7,202.52
Shares Outstanding (M)	303.42	303.42	303.42
Fair Value	$21.62	$22.66	$23.74
Upside / Downside	32.71%	39.09%	45.72%

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Sunshine Global Circuits Co.,Ltd. (300739.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener