DDM Analysis: 002815.SZ

Valuation Snapshot

Stable Growth	$48.30 - $56.91	$53.33
Multi-Stage	$37.48 - $41.13	$39.27
Blended Fair Value	$46.30
Current Price	$15.09
Upside	206.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.00%	16.77%	0.24	0.29	0.25	0.20	0.25	0.26	0.21	0.17	0.05	0.12
YoY Growth	-	-	-19.25%	16.84%	24.00%	-17.32%	-6.55%	27.97%	20.00%	241.67%	-59.41%	144.77%
Dividend Yield	-	-	2.18%	3.31%	1.99%	1.69%	2.05%	1.59%	1.16%	1.01%	0.25%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	309.01
(-) Cash Dividends Paid (M)	143.91
(=) Cash Retained (M)	165.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.80	38.63	23.18
Cash Retained (M)	165.10	165.10	165.10
(-) Cash Required (M)	-61.80	-38.63	-23.18
(=) Excess Retained (M)	103.30	126.48	141.93
(/) Shares Outstanding (M)	1,079.87	1,079.87	1,079.87
(=) Excess Retained per Share	0.10	0.12	0.13
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.10	0.12	0.13
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	-0.33%	-0.33%	-0.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$48.30	$53.33	$56.91
Upside / Downside	220.10%	253.43%	277.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	309.01	329.10	350.49	373.27	397.53	423.37	436.07
Payout Ratio	46.57%	55.26%	63.94%	72.63%	81.31%	90.00%	92.50%
Projected Dividends (M)	143.91	181.85	224.11	271.10	323.25	381.03	403.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.33%	-0.33%	-0.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	180.73	182.45	184.16
Year 2 PV (M)	221.38	225.59	229.85
Year 3 PV (M)	266.15	273.79	281.58
Year 4 PV (M)	315.41	327.54	340.02
Year 5 PV (M)	369.52	387.37	405.90
PV of Terminal Value (M)	39,117.98	41,007.40	42,969.12
Equity Value (M)	40,471.18	42,404.14	44,410.63
Shares Outstanding (M)	1,079.87	1,079.87	1,079.87
Fair Value	$37.48	$39.27	$41.13
Upside / Downside	148.36%	160.22%	172.54%

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Suntak Technology Co.,Ltd. (002815.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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