DDM Analysis: 002083.SZ

Valuation Snapshot

Stable Growth	$3.38 - $5.42	$4.30
Multi-Stage	$7.44 - $8.18	$7.80
Blended Fair Value	$6.05
Current Price	$4.87
Upside	24.29%
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	0.74%	-0.63%	0.27	0.05	0.28	0.10	0.26	0.26	0.45	0.44	0.31	0.29
YoY Growth	-	-	482.53%	-83.34%	181.77%	-61.94%	-0.27%	-42.01%	2.01%	40.76%	6.28%	2.26%
Dividend Yield	-	-	5.45%	1.03%	5.99%	2.23%	6.23%	3.51%	7.07%	7.84%	4.49%	4.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	307.30
(-) Cash Dividends Paid (M)	196.13
(=) Cash Retained (M)	111.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.46	38.41	23.05
Cash Retained (M)	111.17	111.17	111.17
(-) Cash Required (M)	-61.46	-38.41	-23.05
(=) Excess Retained (M)	49.71	72.76	88.12
(/) Shares Outstanding (M)	945.92	945.92	945.92
(=) Excess Retained per Share	0.05	0.08	0.09
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.05	0.08	0.09
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-1.26%	-0.26%	0.74%
Fair Value	$3.38	$4.30	$5.42
Upside / Downside	-30.57%	-11.65%	11.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	307.30	306.52	305.74	304.96	304.18	303.40	312.50
Payout Ratio	63.82%	69.06%	74.29%	79.53%	84.76%	90.00%	92.50%
Projected Dividends (M)	196.13	211.68	227.14	242.53	257.83	273.06	289.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-1.26%	-0.26%	0.74%
Year 1 PV (M)	197.07	199.07	201.06
Year 2 PV (M)	196.88	200.89	204.94
Year 3 PV (M)	195.71	201.72	207.85
Year 4 PV (M)	193.71	201.67	209.88
Year 5 PV (M)	190.99	200.86	211.13
PV of Terminal Value (M)	6,063.45	6,376.76	6,702.89
Equity Value (M)	7,037.81	7,380.96	7,737.75
Shares Outstanding (M)	945.92	945.92	945.92
Fair Value	$7.44	$7.80	$8.18
Upside / Downside	52.78%	60.22%	67.97%

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DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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Sunvim Group Co.,Ltd (002083.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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