DDM Analysis: 002733.SZ

Valuation Snapshot

Stable Growth	$34.96 - $41.20	$38.60
Multi-Stage	$23.08 - $25.34	$24.19
Blended Fair Value	$31.40
Current Price	$22.41
Upside	40.10%
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	-1.47%	7.97%	0.24	0.16	0.13	0.18	0.35	0.26	0.22	0.19	0.17	0.14
YoY Growth	-	-	57.10%	20.54%	-30.27%	-47.12%	33.00%	16.91%	15.40%	13.42%	23.41%	22.73%
Dividend Yield	-	-	1.45%	1.07%	0.69%	1.24%	2.32%	1.30%	0.90%	1.41%	0.89%	0.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.75
(-) Cash Dividends Paid (M)	66.88
(=) Cash Retained (M)	17.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.95	10.59	6.36
Cash Retained (M)	17.87	17.87	17.87
(-) Cash Required (M)	-16.95	-10.59	-6.36
(=) Excess Retained (M)	0.92	7.27	11.51
(/) Shares Outstanding (M)	403.60	403.60	403.60
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	1.98%	1.98%	1.98%
Growth Rate	4.05%	5.05%	6.05%
Fair Value	$34.96	$38.60	$41.20
Upside / Downside	55.99%	72.25%	83.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.75	89.03	93.52	98.24	103.21	108.42	111.67
Payout Ratio	78.92%	81.14%	83.35%	85.57%	87.78%	90.00%	92.50%
Projected Dividends (M)	66.88	72.23	77.95	84.07	90.60	97.57	103.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.98%	1.98%	1.98%
Growth Rate	4.05%	5.05%	6.05%
Year 1 PV (M)	70.16	70.83	71.51
Year 2 PV (M)	73.54	74.96	76.39
Year 3 PV (M)	77.02	79.27	81.55
Year 4 PV (M)	80.62	83.77	87.00
Year 5 PV (M)	84.34	88.47	92.76
PV of Terminal Value (M)	8,928.07	9,365.43	9,819.76
Equity Value (M)	9,313.75	9,762.72	10,228.97
Shares Outstanding (M)	403.60	403.60	403.60
Fair Value	$23.08	$24.19	$25.34
Upside / Downside	2.98%	7.94%	13.09%

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Shenzhen Center Power Tech. Co., Ltd (002733.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener