DDM Analysis: 002300.SZ

Valuation Snapshot

Stable Growth	$18.35 - $21.64	$20.27
Multi-Stage	$10.87 - $11.96	$11.40
Blended Fair Value	$15.84
Current Price	$6.17
Upside	156.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.74%	3.83%	0.24	0.09	0.13	0.20	0.19	0.19	0.14	0.16	0.13	0.18
YoY Growth	-	-	167.40%	-28.57%	-36.08%	3.90%	-0.61%	42.57%	-14.17%	25.83%	-28.57%	5.00%
Dividend Yield	-	-	3.83%	1.39%	1.65%	2.96%	3.54%	3.58%	1.86%	2.56%	1.04%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.65
(-) Cash Dividends Paid (M)	38.28
(=) Cash Retained (M)	42.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.13	10.08	6.05
Cash Retained (M)	42.37	42.37	42.37
(-) Cash Required (M)	-16.13	-10.08	-6.05
(=) Excess Retained (M)	26.24	32.28	36.32
(/) Shares Outstanding (M)	722.30	722.30	722.30
(=) Excess Retained per Share	0.04	0.04	0.05
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.04	0.04	0.05
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	3.07%	3.07%	3.07%
Growth Rate	2.74%	3.74%	4.74%
Fair Value	$18.35	$20.27	$21.64
Upside / Downside	197.49%	228.54%	250.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.65	83.67	86.80	90.05	93.42	96.92	99.82
Payout Ratio	47.47%	55.98%	64.48%	72.99%	81.49%	90.00%	92.50%
Projected Dividends (M)	38.28	46.83	55.97	65.72	76.13	87.23	92.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.07%	3.07%	3.07%
Growth Rate	2.74%	3.74%	4.74%
Year 1 PV (M)	45.00	45.44	45.87
Year 2 PV (M)	51.67	52.68	53.70
Year 3 PV (M)	58.30	60.02	61.77
Year 4 PV (M)	64.89	67.45	70.09
Year 5 PV (M)	71.43	74.98	78.66
PV of Terminal Value (M)	7,561.81	7,937.03	8,327.01
Equity Value (M)	7,853.10	8,237.60	8,637.11
Shares Outstanding (M)	722.30	722.30	722.30
Fair Value	$10.87	$11.40	$11.96
Upside / Downside	76.21%	84.84%	93.80%

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Fujian Nanping Sun Cable Co., Ltd. (002300.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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