DDM Analysis: 300628.SZ

Valuation Snapshot

Stable Growth	$52.52 - $162.76	$84.03
Multi-Stage	$36.03 - $39.30	$37.64
Blended Fair Value	$60.83
Current Price	$37.00
Upside	64.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	39.42%	35.46%	1.50	1.42	0.57	0.46	0.43	0.28	0.19	0.11	0.06	0.09
YoY Growth	-	-	5.07%	149.58%	23.04%	8.80%	50.08%	50.43%	77.78%	92.01%	-36.87%	21.85%
Dividend Yield	-	-	3.66%	5.17%	1.05%	0.83%	0.88%	0.73%	0.79%	0.70%	0.28%	1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,541.34
(-) Cash Dividends Paid (M)	1,641.20
(=) Cash Retained (M)	900.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	508.27	317.67	190.60
Cash Retained (M)	900.14	900.14	900.14
(-) Cash Required (M)	-508.27	-317.67	-190.60
(=) Excess Retained (M)	391.87	582.47	709.54
(/) Shares Outstanding (M)	1,265.72	1,265.72	1,265.72
(=) Excess Retained per Share	0.31	0.46	0.56
LTM Dividend per Share	1.30	1.30	1.30
(+) Excess Retained per Share	0.31	0.46	0.56
(=) Adjusted Dividend	1.61	1.76	1.86
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$52.52	$84.03	$162.76
Upside / Downside	41.94%	127.10%	339.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,541.34	2,706.53	2,882.45	3,069.81	3,269.35	3,481.85	3,586.31
Payout Ratio	64.58%	69.66%	74.75%	79.83%	84.92%	90.00%	92.50%
Projected Dividends (M)	1,641.20	1,885.48	2,154.58	2,450.69	2,776.20	3,133.67	3,317.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,717.86	1,734.14	1,750.43
Year 2 PV (M)	1,788.52	1,822.59	1,856.98
Year 3 PV (M)	1,853.48	1,906.69	1,960.90
Year 4 PV (M)	1,913.01	1,986.58	2,062.25
Year 5 PV (M)	1,967.37	2,062.40	2,161.06
PV of Terminal Value (M)	36,367.89	38,124.47	39,948.28
Equity Value (M)	45,608.13	47,636.87	49,739.90
Shares Outstanding (M)	1,265.72	1,265.72	1,265.72
Fair Value	$36.03	$37.64	$39.30
Upside / Downside	-2.61%	1.72%	6.21%

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300743.SZ	Hangzhou Todaytec Digital Co., Ltd	2.33%	$0.52	71.84%
601566.SS	Joeone Co., Ltd.	2.33%	$0.31	50.03%
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GIMB.BR	Gimv N.V.	2.33%	$1.02	9.10%
MOSHI.BK	Moshi Moshi Retail Corporation Public Company Limited	2.33%	$0.81	43.67%
002939.SZ	China Great Wall Securities Co.,Ltd.	2.32%	$0.24	39.54%
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2301.T	Gakujo Co., Ltd.	2.32%	$40.61	28.97%
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600299.SS	Bluestar Adisseo Company	2.32%	$0.21	46.81%
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7287.T	Nippon Seiki Co., Ltd.	2.32%	$50.60	31.92%
7914.T	Kyodo Printing Co., Ltd.	2.32%	$36.67	27.27%
AZZA3.SA	Azzas 2154 S.A.	2.32%	$0.59	15.77%
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Yealink Network Technology Co., Ltd. (300628.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener