DDM Analysis: 300739.SZ

Valuation Snapshot

Stable Growth	$28.52 - $33.61	$31.49
Multi-Stage	$21.93 - $24.08	$22.99
Blended Fair Value	$27.24
Current Price	$16.29
Upside	67.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.97%	53.03%	0.22	0.36	0.28	0.30	0.22	0.23	0.13	0.10	0.06	0.18
YoY Growth	-	-	-39.06%	27.24%	-5.09%	36.10%	-4.90%	76.09%	29.46%	75.32%	-67.29%	5,554.79%
Dividend Yield	-	-	1.64%	2.67%	1.81%	2.10%	1.49%	1.35%	0.79%	0.54%	0.40%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.87
(-) Cash Dividends Paid (M)	49.94
(=) Cash Retained (M)	1.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.37	6.48	3.89
Cash Retained (M)	1.92	1.92	1.92
(-) Cash Required (M)	-10.37	-6.48	-3.89
(=) Excess Retained (M)	-8.45	-4.56	-1.97
(/) Shares Outstanding (M)	303.42	303.42	303.42
(=) Excess Retained per Share	-0.03	-0.02	-0.01
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	-0.03	-0.02	-0.01
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	-0.90%	-0.90%	-0.90%
Growth Rate	4.28%	5.28%	6.28%
Fair Value	$28.52	$31.49	$33.61
Upside / Downside	75.08%	93.33%	106.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.87	54.60	57.49	60.52	63.72	67.08	69.09
Payout Ratio	96.29%	95.03%	93.78%	92.52%	91.26%	90.00%	92.50%
Projected Dividends (M)	49.94	51.89	53.91	55.99	58.15	60.37	63.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.90%	-0.90%	-0.90%
Growth Rate	4.28%	5.28%	6.28%
Year 1 PV (M)	51.87	52.36	52.86
Year 2 PV (M)	53.85	54.89	55.94
Year 3 PV (M)	55.91	57.53	59.19
Year 4 PV (M)	58.03	60.29	62.61
Year 5 PV (M)	60.22	63.16	66.22
PV of Terminal Value (M)	6,374.85	6,686.44	7,010.09
Equity Value (M)	6,654.73	6,974.68	7,306.91
Shares Outstanding (M)	303.42	303.42	303.42
Fair Value	$21.93	$22.99	$24.08
Upside / Downside	34.64%	41.11%	47.83%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 9 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Sunshine Global Circuits Co.,Ltd. (300739.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener