DDM Analysis: 003023.SZ

Valuation Snapshot

Stable Growth	$10.18 - $17.64	$13.38
Multi-Stage	$11.90 - $13.01	$12.44
Blended Fair Value	$12.91
Current Price	$22.20
Upside	-41.83%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.22%	0.00%	0.40	0.35	0.31	0.31	0.22	0.31	0.28	0.27	0.31	0.00
YoY Growth	-	-	14.87%	12.77%	-1.21%	40.73%	-28.39%	9.83%	5.37%	-13.61%	0.00%	0.00%
Dividend Yield	-	-	2.24%	2.14%	1.50%	1.65%	0.94%	1.18%	1.07%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.84
(-) Cash Dividends Paid (M)	42.43
(=) Cash Retained (M)	39.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.37	10.23	6.14
Cash Retained (M)	39.41	39.41	39.41
(-) Cash Required (M)	-16.37	-10.23	-6.14
(=) Excess Retained (M)	23.04	29.18	33.27
(/) Shares Outstanding (M)	105.33	105.33	105.33
(=) Excess Retained per Share	0.22	0.28	0.32
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.22	0.28	0.32
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	8.80%	8.80%	8.80%
Growth Rate	2.54%	3.54%	4.54%
Fair Value	$10.18	$13.38	$17.64
Upside / Downside	-54.13%	-39.71%	-20.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.84	84.74	87.75	90.86	94.08	97.41	100.33
Payout Ratio	51.85%	59.48%	67.11%	74.74%	82.37%	90.00%	92.50%
Projected Dividends (M)	42.43	50.40	58.88	67.90	77.49	87.67	92.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.80%	8.80%	8.80%
Growth Rate	2.54%	3.54%	4.54%
Year 1 PV (M)	45.88	46.32	46.77
Year 2 PV (M)	48.79	49.74	50.71
Year 3 PV (M)	51.21	52.72	54.26
Year 4 PV (M)	53.19	55.29	57.46
Year 5 PV (M)	54.77	57.50	60.33
PV of Terminal Value (M)	999.18	1,048.86	1,100.50
Equity Value (M)	1,253.02	1,310.44	1,370.03
Shares Outstanding (M)	105.33	105.33	105.33
Fair Value	$11.90	$12.44	$13.01
Upside / Downside	-46.42%	-43.96%	-41.41%

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Chengdu Rainbow Appliance (Group) Shares Co., Ltd. (003023.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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