DDM Analysis: 002017.SZ

Valuation Snapshot

Stable Growth	$6.01 - $12.90	$8.57
Multi-Stage	$4.57 - $4.98	$4.77
Blended Fair Value	$6.67
Current Price	$22.94
Upside	-70.93%
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	42.90%	13.03%	0.15	0.08	0.04	0.02	0.02	0.03	0.02	0.02	0.03	0.04
YoY Growth	-	-	96.09%	90.23%	69.20%	-2.15%	-3.50%	24.16%	-18.17%	-2.49%	-28.02%	-19.88%
Dividend Yield	-	-	1.52%	0.80%	0.34%	0.24%	0.30%	0.28%	0.15%	0.44%	0.30%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	183.32
(-) Cash Dividends Paid (M)	93.88
(=) Cash Retained (M)	89.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.66	22.92	13.75
Cash Retained (M)	89.45	89.45	89.45
(-) Cash Required (M)	-36.66	-22.92	-13.75
(=) Excess Retained (M)	52.78	66.53	75.70
(/) Shares Outstanding (M)	580.29	580.29	580.29
(=) Excess Retained per Share	0.09	0.11	0.13
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.09	0.11	0.13
(=) Adjusted Dividend	0.25	0.28	0.29
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.01	$8.57	$12.90
Upside / Downside	-73.79%	-62.64%	-43.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	183.32	195.24	207.93	221.45	235.84	251.17	258.70
Payout Ratio	51.21%	58.97%	66.72%	74.48%	82.24%	90.00%	92.50%
Projected Dividends (M)	93.88	115.13	138.74	164.94	193.96	226.05	239.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	103.74	104.72	105.70
Year 2 PV (M)	112.65	114.80	116.96
Year 3 PV (M)	120.68	124.14	127.67
Year 4 PV (M)	127.87	132.79	137.85
Year 5 PV (M)	134.29	140.78	147.51
PV of Terminal Value (M)	2,049.96	2,148.97	2,251.77
Equity Value (M)	2,649.19	2,766.20	2,887.47
Shares Outstanding (M)	580.29	580.29	580.29
Fair Value	$4.57	$4.77	$4.98
Upside / Downside	-80.10%	-79.22%	-78.31%

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Eastcompeace Technology Co.,ltd (002017.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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