DDM Analysis: 002396.SZ

Valuation Snapshot

Stable Growth	$25.61 - $110.40	$44.41
Multi-Stage	$15.94 - $17.41	$16.66
Blended Fair Value	$30.54
Current Price	$30.35
Upside	0.61%
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	23.02%	5.69%	0.32	0.14	0.17	0.15	0.14	0.11	0.15	0.10	0.09	0.06
YoY Growth	-	-	118.05%	-13.98%	13.73%	8.33%	21.90%	-23.50%	53.30%	9.82%	39.58%	-65.67%
Dividend Yield	-	-	1.58%	0.83%	0.71%	0.73%	0.69%	0.31%	0.60%	0.39%	0.46%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	486.24
(-) Cash Dividends Paid (M)	173.94
(=) Cash Retained (M)	312.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	97.25	60.78	36.47
Cash Retained (M)	312.29	312.29	312.29
(-) Cash Required (M)	-97.25	-60.78	-36.47
(=) Excess Retained (M)	215.05	251.51	275.83
(/) Shares Outstanding (M)	582.36	582.36	582.36
(=) Excess Retained per Share	0.37	0.43	0.47
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.37	0.43	0.47
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.61	$44.41	$110.40
Upside / Downside	-15.63%	46.32%	263.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	486.24	517.84	551.50	587.35	625.53	666.19	686.18
Payout Ratio	35.77%	46.62%	57.46%	68.31%	79.15%	90.00%	92.50%
Projected Dividends (M)	173.94	241.41	316.92	401.22	495.14	599.57	634.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	220.92	223.01	225.10
Year 2 PV (M)	265.39	270.44	275.54
Year 3 PV (M)	307.45	316.28	325.27
Year 4 PV (M)	347.21	360.56	374.30
Year 5 PV (M)	384.75	403.33	422.62
PV of Terminal Value (M)	7,755.02	8,129.59	8,518.49
Equity Value (M)	9,280.73	9,703.21	10,141.34
Shares Outstanding (M)	582.36	582.36	582.36
Fair Value	$15.94	$16.66	$17.41
Upside / Downside	-47.49%	-45.10%	-42.62%

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Fujian Star-net Communication Co., Ltd. (002396.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener