DDM Analysis: 300409.SZ

Valuation Snapshot

Stable Growth	$52.77 - $122.62	$114.92
Multi-Stage	$18.40 - $20.12	$19.25
Blended Fair Value	$67.08
Current Price	$25.40
Upside	164.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.20%	30.77%	0.50	0.23	0.18	0.12	0.16	0.22	0.19	0.08	0.04	0.05
YoY Growth	-	-	118.94%	28.47%	50.05%	-25.51%	-29.66%	18.12%	140.35%	86.68%	-22.15%	60.29%
Dividend Yield	-	-	3.17%	2.23%	1.15%	0.58%	1.22%	2.13%	0.94%	0.27%	0.22%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	425.21
(-) Cash Dividends Paid (M)	247.36
(=) Cash Retained (M)	177.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.04	53.15	31.89
Cash Retained (M)	177.85	177.85	177.85
(-) Cash Required (M)	-85.04	-53.15	-31.89
(=) Excess Retained (M)	92.81	124.70	145.96
(/) Shares Outstanding (M)	689.62	689.62	689.62
(=) Excess Retained per Share	0.13	0.18	0.21
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.13	0.18	0.21
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$52.77	$114.92	$122.62
Upside / Downside	107.77%	352.43%	382.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	425.21	452.85	482.29	513.64	547.02	582.58	600.06
Payout Ratio	58.17%	64.54%	70.90%	77.27%	83.63%	90.00%	92.50%
Projected Dividends (M)	247.36	292.27	341.96	396.89	457.50	524.32	555.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	271.89	274.46	277.04
Year 2 PV (M)	295.94	301.57	307.26
Year 3 PV (M)	319.52	328.69	338.04
Year 4 PV (M)	342.64	355.81	369.37
Year 5 PV (M)	365.30	382.94	401.26
PV of Terminal Value (M)	11,092.89	11,628.68	12,184.98
Equity Value (M)	12,688.17	13,272.16	13,877.95
Shares Outstanding (M)	689.62	689.62	689.62
Fair Value	$18.40	$19.25	$20.12
Upside / Downside	-27.56%	-24.23%	-20.77%

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Guangdong Dowstone Technology Co., Ltd. (300409.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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