DDM Analysis: 000529.SZ

Valuation Snapshot

Stable Growth	$1.68 - $2.60	$2.11
Multi-Stage	$4.06 - $4.46	$4.26
Blended Fair Value	$3.18
Current Price	$5.95
Upside	-46.53%
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	27.96%	0.00%	0.24	0.15	0.15	0.11	0.10	0.07	0.07	0.04	0.00	0.00
YoY Growth	-	-	60.08%	0.00%	36.36%	10.00%	42.86%	2.94%	51.11%	89,348.52%	-94.91%	0.00%
Dividend Yield	-	-	4.09%	2.53%	1.84%	1.58%	1.61%	1.01%	1.02%	0.71%	0.00%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	103.83
(-) Cash Dividends Paid (M)	102.23
(=) Cash Retained (M)	1.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.77	12.98	7.79
Cash Retained (M)	1.60	1.60	1.60
(-) Cash Required (M)	-20.77	-12.98	-7.79
(=) Excess Retained (M)	-19.16	-11.38	-6.18
(/) Shares Outstanding (M)	584.45	584.45	584.45
(=) Excess Retained per Share	-0.03	-0.02	-0.01
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	-0.03	-0.02	-0.01
(=) Adjusted Dividend	0.14	0.16	0.16
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.68	$2.11	$2.60
Upside / Downside	-71.83%	-64.61%	-56.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	103.83	102.79	101.77	100.75	99.74	98.74	101.71
Payout Ratio	98.46%	96.76%	95.07%	93.38%	91.69%	90.00%	92.50%
Projected Dividends (M)	102.23	99.47	96.75	94.08	91.45	88.87	94.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	92.62	93.56	94.51
Year 2 PV (M)	83.89	85.61	87.35
Year 3 PV (M)	75.96	78.30	80.70
Year 4 PV (M)	68.75	71.60	74.54
Year 5 PV (M)	62.21	65.45	68.82
PV of Terminal Value (M)	1,990.14	2,093.77	2,201.67
Equity Value (M)	2,373.56	2,488.29	2,607.59
Shares Outstanding (M)	584.45	584.45	584.45
Fair Value	$4.06	$4.26	$4.46
Upside / Downside	-31.74%	-28.45%	-25.01%

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Guangdong Guanghong Holdings Co.,Ltd. (000529.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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