DDM Analysis: 002967.SZ

Valuation Snapshot

Stable Growth	$49.86 - $143.44	$134.42
Multi-Stage	$20.19 - $22.07	$21.11
Blended Fair Value	$77.77
Current Price	$18.73
Upside	315.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.29%	32.78%	0.22	0.21	0.19	0.04	0.12	0.09	0.12	0.10	0.06	0.02
YoY Growth	-	-	4.08%	13.41%	356.70%	-67.10%	41.98%	-26.52%	14.61%	61.87%	241.84%	45.18%
Dividend Yield	-	-	1.03%	1.24%	0.92%	0.22%	0.36%	0.40%	1.77%	1.54%	0.95%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	402.16
(-) Cash Dividends Paid (M)	252.02
(=) Cash Retained (M)	150.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80.43	50.27	30.16
Cash Retained (M)	150.14	150.14	150.14
(-) Cash Required (M)	-80.43	-50.27	-30.16
(=) Excess Retained (M)	69.70	99.87	119.97
(/) Shares Outstanding (M)	557.58	557.58	557.58
(=) Excess Retained per Share	0.13	0.18	0.22
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	0.13	0.18	0.22
(=) Adjusted Dividend	0.58	0.63	0.67
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.86	$134.42	$143.44
Upside / Downside	166.22%	617.70%	665.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	402.16	428.30	456.14	485.79	517.36	550.99	567.52
Payout Ratio	62.67%	68.13%	73.60%	79.07%	84.53%	90.00%	92.50%
Projected Dividends (M)	252.02	291.82	335.72	384.10	437.35	495.89	524.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	270.87	273.44	276.01
Year 2 PV (M)	289.26	294.77	300.33
Year 3 PV (M)	307.19	316.01	324.99
Year 4 PV (M)	324.67	337.15	350.00
Year 5 PV (M)	341.71	358.21	375.35
PV of Terminal Value (M)	9,721.98	10,191.55	10,679.10
Equity Value (M)	11,255.68	11,771.14	12,305.78
Shares Outstanding (M)	557.58	557.58	557.58
Fair Value	$20.19	$21.11	$22.07
Upside / Downside	7.78%	12.71%	17.83%

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GRG Metrology & Test Group Co. Ltd. Class A (002967.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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