DDM Analysis: 300835.SZ

Valuation Snapshot

Stable Growth	$49.06 - $246.29	$102.08
Multi-Stage	$26.83 - $29.35	$28.07
Blended Fair Value	$65.07
Current Price	$64.90
Upside	0.27%
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	43.64%	8.29%	0.36	0.31	0.20	0.16	0.35	0.06	0.06	0.07	0.15	0.13
YoY Growth	-	-	15.87%	53.47%	24.03%	-53.00%	489.91%	1.30%	-11.09%	-57.02%	15.26%	-18.72%
Dividend Yield	-	-	0.95%	1.26%	0.57%	0.43%	1.13%	0.35%	0.34%	0.38%	0.89%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.96
(-) Cash Dividends Paid (M)	40.56
(=) Cash Retained (M)	104.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.99	18.12	10.87
Cash Retained (M)	104.40	104.40	104.40
(-) Cash Required (M)	-28.99	-18.12	-10.87
(=) Excess Retained (M)	75.41	86.28	93.53
(/) Shares Outstanding (M)	117.05	117.05	117.05
(=) Excess Retained per Share	0.64	0.74	0.80
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.64	0.74	0.80
(=) Adjusted Dividend	0.99	1.08	1.15
WACC / Discount Rate	7.63%	7.63%	7.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.06	$102.08	$246.29
Upside / Downside	-24.41%	57.29%	279.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.96	154.38	164.41	175.10	186.48	198.60	204.56
Payout Ratio	27.98%	40.38%	52.79%	65.19%	77.60%	90.00%	92.50%
Projected Dividends (M)	40.56	62.34	86.79	114.15	144.70	178.74	189.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.63%	7.63%	7.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	57.38	57.92	58.47
Year 2 PV (M)	73.52	74.92	76.33
Year 3 PV (M)	89.00	91.55	94.16
Year 4 PV (M)	103.83	107.83	111.94
Year 5 PV (M)	118.05	123.75	129.67
PV of Terminal Value (M)	2,698.81	2,829.17	2,964.51
Equity Value (M)	3,140.60	3,285.14	3,435.07
Shares Outstanding (M)	117.05	117.05	117.05
Fair Value	$26.83	$28.07	$29.35
Upside / Downside	-58.66%	-56.75%	-54.78%

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Sinomag Technology Co., Ltd. (300835.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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