DDM Analysis: 300843.SZ

Valuation Snapshot

Stable Growth	$118.14 - $139.25	$130.47
Multi-Stage	$72.53 - $79.78	$76.09
Blended Fair Value	$103.28
Current Price	$56.24
Upside	83.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	138.49%	0.00%	0.11	0.06	0.07	0.14	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	72.46%	-6.04%	-49.79%	4,266.93%	117.12%	-7.20%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.36%	0.29%	0.32%	0.64%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	117.97
(-) Cash Dividends Paid (M)	22.71
(=) Cash Retained (M)	95.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.59	14.75	8.85
Cash Retained (M)	95.26	95.26	95.26
(-) Cash Required (M)	-23.59	-14.75	-8.85
(=) Excess Retained (M)	71.66	80.51	86.41
(/) Shares Outstanding (M)	164.49	164.49	164.49
(=) Excess Retained per Share	0.44	0.49	0.53
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.44	0.49	0.53
(=) Adjusted Dividend	0.57	0.63	0.66
WACC / Discount Rate	2.37%	2.37%	2.37%
Growth Rate	2.95%	3.95%	4.95%
Fair Value	$118.14	$130.47	$139.25
Upside / Downside	110.06%	131.98%	147.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	117.97	122.63	127.47	132.51	137.74	143.19	147.48
Payout Ratio	19.25%	33.40%	47.55%	61.70%	75.85%	90.00%	92.50%
Projected Dividends (M)	22.71	40.96	60.62	81.76	104.48	128.87	136.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.37%	2.37%	2.37%
Growth Rate	2.95%	3.95%	4.95%
Year 1 PV (M)	39.63	40.01	40.40
Year 2 PV (M)	56.73	57.84	58.95
Year 3 PV (M)	74.02	76.20	78.42
Year 4 PV (M)	91.51	95.12	98.83
Year 5 PV (M)	109.19	114.60	120.22
PV of Terminal Value (M)	11,559.26	12,131.67	12,726.54
Equity Value (M)	11,930.34	12,515.44	13,123.36
Shares Outstanding (M)	164.49	164.49	164.49
Fair Value	$72.53	$76.09	$79.78
Upside / Downside	28.97%	35.29%	41.86%

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Shenglan Technology Co., Ltd. (300843.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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