DDM Analysis: 300167.SZ

Valuation Snapshot

Stable Growth	$0.09 - $0.12	$0.11
Multi-Stage	$0.40 - $0.45	$0.42
Blended Fair Value	$0.27
Current Price	$5.70
Upside	-95.33%
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	-36.60%	-17.86%	0.01	0.00	0.01	0.04	0.03	0.05	0.06	0.13	0.05	0.04
YoY Growth	-	-	14.49%	-60.52%	-67.77%	30.77%	-46.21%	-15.66%	-49.90%	174.07%	25.21%	-5.93%
Dividend Yield	-	-	0.14%	0.24%	0.21%	0.61%	0.70%	1.07%	1.02%	1.53%	0.32%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.50
(-) Cash Dividends Paid (M)	10.45
(=) Cash Retained (M)	3.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.70	1.69	1.01
Cash Retained (M)	3.05	3.05	3.05
(-) Cash Required (M)	-2.70	-1.69	-1.01
(=) Excess Retained (M)	0.35	1.37	2.04
(/) Shares Outstanding (M)	358.26	358.26	358.26
(=) Excess Retained per Share	0.00	0.00	0.01
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.00	0.00	0.01
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	5.75%	5.75%	5.75%
Growth Rate	-19.86%	-18.86%	-17.86%
Fair Value	$0.09	$0.11	$0.12
Upside / Downside	-98.35%	-98.09%	-97.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.50	10.95	8.89	7.21	5.85	4.75	4.89
Payout Ratio	77.39%	79.91%	82.43%	84.96%	87.48%	90.00%	92.50%
Projected Dividends (M)	10.45	8.75	7.33	6.13	5.12	4.27	4.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.75%	5.75%	5.75%
Growth Rate	-19.86%	-18.86%	-17.86%
Year 1 PV (M)	8.17	8.28	8.38
Year 2 PV (M)	6.39	6.55	6.71
Year 3 PV (M)	4.99	5.18	5.37
Year 4 PV (M)	3.89	4.09	4.30
Year 5 PV (M)	3.04	3.23	3.43
PV of Terminal Value (M)	116.87	124.34	132.20
Equity Value (M)	143.35	151.67	160.40
Shares Outstanding (M)	358.26	358.26	358.26
Fair Value	$0.40	$0.42	$0.45
Upside / Downside	-92.98%	-92.57%	-92.15%

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Shenzhen Division Co.,Ltd. (300167.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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