DDM Analysis: 002925.SZ

Valuation Snapshot

Stable Growth	$10.76 - $60.03	$19.62
Multi-Stage	$30.18 - $33.32	$31.72
Blended Fair Value	$25.67
Current Price	$20.09
Upside	27.77%
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	0.51%	43.01%	0.63	0.86	1.08	0.64	0.62	0.62	0.49	0.21	0.09	0.05
YoY Growth	-	-	-26.80%	-19.82%	68.85%	2.19%	1.27%	25.93%	132.86%	144.05%	67.02%	191.81%
Dividend Yield	-	-	4.00%	5.42%	5.17%	2.60%	1.66%	2.31%	1.51%	0.42%	0.45%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	257.58
(-) Cash Dividends Paid (M)	110.99
(=) Cash Retained (M)	146.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.52	32.20	19.32
Cash Retained (M)	146.59	146.59	146.59
(-) Cash Required (M)	-51.52	-32.20	-19.32
(=) Excess Retained (M)	95.08	114.39	127.27
(/) Shares Outstanding (M)	744.20	744.20	744.20
(=) Excess Retained per Share	0.13	0.15	0.17
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.13	0.15	0.17
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	1.04%	1.04%	1.04%
Growth Rate	-1.49%	-0.49%	0.51%
Fair Value	$10.76	$19.62	$60.03
Upside / Downside	-46.46%	-2.34%	198.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	257.58	256.31	255.04	253.78	252.53	251.28	258.82
Payout Ratio	43.09%	52.47%	61.85%	71.24%	80.62%	90.00%	92.50%
Projected Dividends (M)	110.99	134.49	157.75	180.78	203.58	226.16	239.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.04%	1.04%	1.04%
Growth Rate	-1.49%	-0.49%	0.51%
Year 1 PV (M)	131.76	133.10	134.44
Year 2 PV (M)	151.42	154.51	157.63
Year 3 PV (M)	170.01	175.24	180.58
Year 4 PV (M)	187.58	195.31	203.28
Year 5 PV (M)	204.15	214.73	225.74
PV of Terminal Value (M)	21,611.71	22,731.18	23,896.56
Equity Value (M)	22,456.63	23,604.07	24,798.23
Shares Outstanding (M)	744.20	744.20	744.20
Fair Value	$30.18	$31.72	$33.32
Upside / Downside	50.20%	57.88%	65.86%

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Xiamen Intretech Inc. (002925.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener