DDM Analysis: 002312.SZ

Valuation Snapshot

Stable Growth	$8.90 - $41.53	$15.69
Multi-Stage	$5.64 - $6.15	$5.89
Blended Fair Value	$10.79
Current Price	$10.83
Upside	-0.36%
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	98.40%	15.49%	0.16	0.29	0.04	0.03	0.06	0.01	0.00	0.03	0.06	0.05
YoY Growth	-	-	-44.72%	568.14%	25.95%	-37.52%	957.62%	45.98%	-87.78%	-54.45%	18.60%	42.53%
Dividend Yield	-	-	1.35%	4.13%	0.42%	0.33%	0.71%	0.12%	0.09%	0.43%	0.95%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	544.86
(-) Cash Dividends Paid (M)	367.75
(=) Cash Retained (M)	177.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.97	68.11	40.86
Cash Retained (M)	177.11	177.11	177.11
(-) Cash Required (M)	-108.97	-68.11	-40.86
(=) Excess Retained (M)	68.14	109.00	136.24
(/) Shares Outstanding (M)	1,931.27	1,931.27	1,931.27
(=) Excess Retained per Share	0.04	0.06	0.07
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.04	0.06	0.07
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	8.18%	8.18%	8.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.90	$15.69	$41.53
Upside / Downside	-17.83%	44.88%	283.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	544.86	580.27	617.99	658.16	700.94	746.50	768.90
Payout Ratio	67.49%	72.00%	76.50%	81.00%	85.50%	90.00%	92.50%
Projected Dividends (M)	367.75	417.77	472.74	533.10	599.30	671.85	711.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.18%	8.18%	8.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	382.57	386.20	389.82
Year 2 PV (M)	396.44	403.99	411.61
Year 3 PV (M)	409.38	421.13	433.11
Year 4 PV (M)	421.44	437.65	454.32
Year 5 PV (M)	432.66	453.55	475.25
PV of Terminal Value (M)	8,849.53	9,276.96	9,720.76
Equity Value (M)	10,892.01	11,379.48	11,884.86
Shares Outstanding (M)	1,931.27	1,931.27	1,931.27
Fair Value	$5.64	$5.89	$6.15
Upside / Downside	-47.92%	-45.59%	-43.18%

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Financial Statements

Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

Sichuan Development Lomon Co., Ltd. (002312.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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