DDM Analysis: 002315.SZ

Valuation Snapshot

Stable Growth	$62.08 - $319.66	$126.37
Multi-Stage	$34.58 - $37.81	$36.17
Blended Fair Value	$81.27
Current Price	$48.35
Upside	68.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.12%	15.38%	1.55	0.88	0.77	0.48	0.56	0.37	0.37	0.37	0.37	0.30
YoY Growth	-	-	75.30%	14.09%	60.77%	-14.22%	51.55%	-1.16%	0.91%	0.26%	25.00%	-20.00%
Dividend Yield	-	-	3.60%	2.47%	3.31%	3.14%	2.34%	2.48%	3.07%	2.26%	1.63%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	509.79
(-) Cash Dividends Paid (M)	174.48
(=) Cash Retained (M)	335.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.96	63.72	38.23
Cash Retained (M)	335.31	335.31	335.31
(-) Cash Required (M)	-101.96	-63.72	-38.23
(=) Excess Retained (M)	233.35	271.58	297.07
(/) Shares Outstanding (M)	317.16	317.16	317.16
(=) Excess Retained per Share	0.74	0.86	0.94
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	0.74	0.86	0.94
(=) Adjusted Dividend	1.29	1.41	1.49
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$62.08	$126.37	$319.66
Upside / Downside	28.39%	161.36%	561.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	509.79	542.92	578.21	615.80	655.82	698.45	719.41
Payout Ratio	34.23%	45.38%	56.54%	67.69%	78.85%	90.00%	92.50%
Projected Dividends (M)	174.48	246.38	326.90	416.84	517.09	628.61	665.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	226.65	228.80	230.95
Year 2 PV (M)	276.63	281.90	287.22
Year 3 PV (M)	324.49	333.81	343.30
Year 4 PV (M)	370.30	384.54	399.18
Year 5 PV (M)	414.11	434.11	454.88
PV of Terminal Value (M)	9,356.47	9,808.39	10,277.61
Equity Value (M)	10,968.65	11,471.55	11,993.14
Shares Outstanding (M)	317.16	317.16	317.16
Fair Value	$34.58	$36.17	$37.81
Upside / Downside	-28.47%	-25.19%	-21.79%

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Focus Technology Co., Ltd. (002315.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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