DDM Analysis: 002706.SZ

Valuation Snapshot

Stable Growth	$5.35 - $11.40	$7.61
Multi-Stage	$4.22 - $4.59	$4.40
Blended Fair Value	$6.00
Current Price	$11.35
Upside	-47.11%
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	8.14%	15.10%	0.26	0.22	0.23	0.23	0.18	0.18	0.12	0.10	0.06	0.03
YoY Growth	-	-	21.91%	-6.81%	-0.54%	30.03%	0.63%	47.74%	24.99%	60.86%	114.47%	-56.66%
Dividend Yield	-	-	2.93%	2.71%	1.82%	1.93%	0.76%	1.96%	2.34%	1.73%	0.85%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	305.66
(-) Cash Dividends Paid (M)	243.04
(=) Cash Retained (M)	62.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.13	38.21	22.92
Cash Retained (M)	62.62	62.62	62.62
(-) Cash Required (M)	-61.13	-38.21	-22.92
(=) Excess Retained (M)	1.49	24.41	39.70
(/) Shares Outstanding (M)	1,078.84	1,078.84	1,078.84
(=) Excess Retained per Share	0.00	0.02	0.04
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.00	0.02	0.04
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.35	$7.61	$11.40
Upside / Downside	-52.88%	-32.99%	0.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	305.66	325.53	346.68	369.22	393.22	418.78	431.34
Payout Ratio	79.51%	81.61%	83.71%	85.81%	87.90%	90.00%	92.50%
Projected Dividends (M)	243.04	265.66	290.20	316.81	345.65	376.90	398.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	239.31	241.57	243.84
Year 2 PV (M)	235.48	239.96	244.49
Year 3 PV (M)	231.56	238.21	244.98
Year 4 PV (M)	227.58	236.33	245.33
Year 5 PV (M)	223.53	234.33	245.54
PV of Terminal Value (M)	3,394.25	3,558.20	3,728.42
Equity Value (M)	4,551.70	4,748.60	4,952.59
Shares Outstanding (M)	1,078.84	1,078.84	1,078.84
Fair Value	$4.22	$4.40	$4.59
Upside / Downside	-62.83%	-61.22%	-59.55%

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Financial Statements

Fundamentals

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Ticker

Industry

Sector

Shanghai Liangxin Electrical Co.,LTD. (002706.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener