DDM Analysis: 002281.SZ

Valuation Snapshot

Stable Growth	$58.00 - $230.56	$157.24
Multi-Stage	$27.63 - $30.25	$28.92
Blended Fair Value	$93.08
Current Price	$66.60
Upside	39.76%
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	10.85%	15.26%	0.24	0.17	0.15	0.15	0.15	0.15	0.14	0.13	0.13	0.13
YoY Growth	-	-	41.41%	14.71%	0.14%	3.13%	-0.09%	3.19%	8.52%	-2.07%	0.00%	125.47%
Dividend Yield	-	-	0.53%	0.42%	0.58%	0.83%	0.65%	0.46%	0.44%	0.45%	0.55%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	916.28
(-) Cash Dividends Paid (M)	127.11
(=) Cash Retained (M)	789.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	183.26	114.54	68.72
Cash Retained (M)	789.17	789.17	789.17
(-) Cash Required (M)	-183.26	-114.54	-68.72
(=) Excess Retained (M)	605.91	674.63	720.45
(/) Shares Outstanding (M)	790.36	790.36	790.36
(=) Excess Retained per Share	0.77	0.85	0.91
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.77	0.85	0.91
(=) Adjusted Dividend	0.93	1.01	1.07
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$58.00	$157.24	$230.56
Upside / Downside	-12.92%	136.10%	246.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	916.28	975.84	1,039.27	1,106.82	1,178.77	1,255.39	1,293.05
Payout Ratio	13.87%	29.10%	44.32%	59.55%	74.77%	90.00%	92.50%
Projected Dividends (M)	127.11	283.95	460.64	659.10	881.42	1,129.85	1,196.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	262.43	264.91	267.40
Year 2 PV (M)	393.45	400.94	408.50
Year 3 PV (M)	520.28	535.21	550.43
Year 4 PV (M)	643.02	667.75	693.18
Year 5 PV (M)	761.77	798.56	836.76
PV of Terminal Value (M)	19,259.69	20,189.94	21,155.79
Equity Value (M)	21,840.62	22,857.31	23,912.07
Shares Outstanding (M)	790.36	790.36	790.36
Fair Value	$27.63	$28.92	$30.25
Upside / Downside	-58.51%	-56.58%	-54.57%

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Accelink Technologies Co,Ltd. (002281.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener