DDM Analysis: 002340.SZ

Valuation Snapshot

Stable Growth	$17.37 - $47.68	$44.69
Multi-Stage	$6.78 - $7.41	$7.09
Blended Fair Value	$25.89
Current Price	$8.42
Upside	207.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	57.92%	15.76%	0.24	0.10	0.03	0.01	0.03	0.02	0.02	0.01	0.01	0.01
YoY Growth	-	-	136.31%	273.07%	93.33%	-50.01%	15.26%	25.51%	238.60%	0.86%	-51.62%	-78.78%
Dividend Yield	-	-	3.67%	1.60%	0.36%	0.17%	0.33%	0.52%	0.37%	0.08%	0.09%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,225.26
(-) Cash Dividends Paid (M)	674.95
(=) Cash Retained (M)	550.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	245.05	153.16	91.89
Cash Retained (M)	550.31	550.31	550.31
(-) Cash Required (M)	-245.05	-153.16	-91.89
(=) Excess Retained (M)	305.26	397.15	458.41
(/) Shares Outstanding (M)	5,110.32	5,110.32	5,110.32
(=) Excess Retained per Share	0.06	0.08	0.09
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.06	0.08	0.09
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.37	$44.69	$47.68
Upside / Downside	106.25%	430.71%	466.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,225.26	1,304.91	1,389.73	1,480.06	1,576.26	1,678.72	1,729.08
Payout Ratio	55.09%	62.07%	69.05%	76.03%	83.02%	90.00%	92.50%
Projected Dividends (M)	674.95	809.94	959.63	1,125.36	1,308.57	1,510.85	1,599.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	752.20	759.33	766.46
Year 2 PV (M)	827.68	843.45	859.36
Year 3 PV (M)	901.42	927.30	953.67
Year 4 PV (M)	973.46	1,010.89	1,049.40
Year 5 PV (M)	1,043.81	1,094.22	1,146.57
PV of Terminal Value (M)	30,147.57	31,603.71	33,115.57
Equity Value (M)	34,646.14	36,238.90	37,891.03
Shares Outstanding (M)	5,110.32	5,110.32	5,110.32
Fair Value	$6.78	$7.09	$7.41
Upside / Downside	-19.48%	-15.78%	-11.94%

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GEM Co., Ltd. (002340.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener