DDM Analysis: 002636.SZ

Valuation Snapshot

Stable Growth	$2.10 - $3.72	$2.79
Multi-Stage	$2.01 - $2.19	$2.10
Blended Fair Value	$2.44
Current Price	$12.25
Upside	-80.07%
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	64.66%	10.03%	0.06	0.08	0.08	0.06	0.01	0.00	0.00	0.06	0.00	0.00
YoY Growth	-	-	-29.36%	0.00%	41.67%	609.28%	70.55%	0.00%	-100.00%	66,649.90%	0.00%	-100.00%
Dividend Yield	-	-	0.69%	1.18%	0.88%	0.56%	0.08%	0.06%	0.00%	0.49%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	110.55
(-) Cash Dividends Paid (M)	46.04
(=) Cash Retained (M)	64.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.11	13.82	8.29
Cash Retained (M)	64.51	64.51	64.51
(-) Cash Required (M)	-22.11	-13.82	-8.29
(=) Excess Retained (M)	42.40	50.69	56.22
(/) Shares Outstanding (M)	729.15	729.15	729.15
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	4.00%	5.00%	6.00%
Fair Value	$2.10	$2.79	$3.72
Upside / Downside	-82.83%	-77.25%	-69.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	110.55	116.07	121.87	127.96	134.36	141.07	145.30
Payout Ratio	41.65%	51.32%	60.99%	70.66%	80.33%	90.00%	92.50%
Projected Dividends (M)	46.04	59.56	74.33	90.42	107.93	126.96	134.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	4.00%	5.00%	6.00%
Year 1 PV (M)	53.63	54.15	54.67
Year 2 PV (M)	60.27	61.43	62.61
Year 3 PV (M)	66.02	67.94	69.90
Year 4 PV (M)	70.96	73.73	76.58
Year 5 PV (M)	75.17	78.85	82.68
PV of Terminal Value (M)	1,137.40	1,193.15	1,251.06
Equity Value (M)	1,463.44	1,529.24	1,597.48
Shares Outstanding (M)	729.15	729.15	729.15
Fair Value	$2.01	$2.10	$2.19
Upside / Downside	-83.62%	-82.88%	-82.12%

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Goldenmax International Technology Ltd. (002636.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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