DDM Analysis: 000036.SZ

Valuation Snapshot

Stable Growth	$0.03 - $0.04	$0.04
Multi-Stage	$0.05 - $0.06	$0.05
Blended Fair Value	$0.05
Current Price	$4.35
Upside	-98.96%
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	-42.95%	-2.33%	0.03	0.06	0.12	0.32	0.51	0.56	0.48	0.28	0.12	0.15
YoY Growth	-	-	-43.11%	-50.67%	-62.32%	-37.38%	-8.72%	16.29%	75.69%	137.16%	-23.09%	250.69%
Dividend Yield	-	-	0.89%	2.05%	3.17%	7.59%	12.53%	16.65%	8.23%	4.23%	1.89%	2.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.74
(-) Cash Dividends Paid (M)	13.25
(=) Cash Retained (M)	25.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.75	4.84	2.91
Cash Retained (M)	25.49	25.49	25.49
(-) Cash Required (M)	-7.75	-4.84	-2.91
(=) Excess Retained (M)	17.74	20.65	22.58
(/) Shares Outstanding (M)	1,411.44	1,411.44	1,411.44
(=) Excess Retained per Share	0.01	0.01	0.02
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.01	0.01	0.02
(=) Adjusted Dividend	0.02	0.02	0.03
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	-35.08%	-34.08%	-33.08%
Fair Value	$0.03	$0.04	$0.04
Upside / Downside	-99.26%	-99.16%	-99.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.74	25.54	16.83	11.10	7.32	4.82	4.97
Payout Ratio	34.20%	45.36%	56.52%	67.68%	78.84%	90.00%	92.50%
Projected Dividends (M)	13.25	11.58	9.52	7.51	5.77	4.34	4.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	-35.08%	-34.08%	-33.08%
Year 1 PV (M)	10.42	10.58	10.75
Year 2 PV (M)	7.70	7.94	8.19
Year 3 PV (M)	5.47	5.73	5.99
Year 4 PV (M)	3.78	4.02	4.27
Year 5 PV (M)	2.56	2.76	2.98
PV of Terminal Value (M)	42.04	45.38	48.93
Equity Value (M)	71.98	76.42	81.10
Shares Outstanding (M)	1,411.44	1,411.44	1,411.44
Fair Value	$0.05	$0.05	$0.06
Upside / Downside	-98.83%	-98.76%	-98.68%

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China Union Holdings Ltd. (000036.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener