DDM Analysis: 002913.SZ

Valuation Snapshot

Stable Growth	$80.77 - $223.66	$209.60
Multi-Stage	$31.83 - $34.81	$33.29
Blended Fair Value	$121.45
Current Price	$40.48
Upside	200.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.28%	33.53%	0.76	0.50	0.97	0.67	0.25	0.21	0.15	0.03	0.30	0.60
YoY Growth	-	-	50.90%	-48.53%	46.13%	172.28%	16.86%	39.20%	445.74%	-90.89%	-49.61%	1,331.44%
Dividend Yield	-	-	2.89%	1.77%	2.79%	2.17%	0.84%	0.88%	0.55%	0.13%	1.38%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	356.92
(-) Cash Dividends Paid (M)	216.24
(=) Cash Retained (M)	140.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	71.38	44.62	26.77
Cash Retained (M)	140.68	140.68	140.68
(-) Cash Required (M)	-71.38	-44.62	-26.77
(=) Excess Retained (M)	69.30	96.07	113.91
(/) Shares Outstanding (M)	317.38	317.38	317.38
(=) Excess Retained per Share	0.22	0.30	0.36
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	0.22	0.30	0.36
(=) Adjusted Dividend	0.90	0.98	1.04
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.77	$209.60	$223.66
Upside / Downside	99.54%	417.79%	452.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	356.92	380.13	404.83	431.15	459.17	489.02	503.69
Payout Ratio	60.58%	66.47%	72.35%	78.23%	84.12%	90.00%	92.50%
Projected Dividends (M)	216.24	252.66	292.90	337.30	386.24	440.12	465.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	234.63	236.85	239.07
Year 2 PV (M)	252.58	257.39	262.25
Year 3 PV (M)	270.11	277.86	285.76
Year 4 PV (M)	287.22	298.27	309.63
Year 5 PV (M)	303.93	318.60	333.85
PV of Terminal Value (M)	8,754.56	9,177.41	9,616.44
Equity Value (M)	10,103.03	10,566.39	11,047.00
Shares Outstanding (M)	317.38	317.38	317.38
Fair Value	$31.83	$33.29	$34.81
Upside / Downside	-21.36%	-17.75%	-14.01%

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Aoshikang Technology Co., Ltd. (002913.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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