DDM Analysis: 000007.SZ

Valuation Snapshot

Stable Growth	$2.03 - $3.43	$2.64
Multi-Stage	$2.23 - $2.44	$2.33
Blended Fair Value	$2.49
Current Price	$7.29
Upside	-65.90%
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	0.00%	-17.85%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	85.83%	58.15%	475.63%	0.00%	0.00%	0.00%	0.00%	-100.00%	-45.69%	-86.03%
Dividend Yield	-	-	0.06%	0.04%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.66
(-) Cash Dividends Paid (M)	1.19
(=) Cash Retained (M)	55.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.33	7.08	4.25
Cash Retained (M)	55.47	55.47	55.47
(-) Cash Required (M)	-11.33	-7.08	-4.25
(=) Excess Retained (M)	44.14	48.39	51.22
(/) Shares Outstanding (M)	346.99	346.99	346.99
(=) Excess Retained per Share	0.13	0.14	0.15
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.13	0.14	0.15
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	2.49%	3.49%	4.49%
Fair Value	$2.03	$2.64	$3.43
Upside / Downside	-72.19%	-63.80%	-52.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.66	58.64	60.68	62.80	64.99	67.26	69.28
Payout Ratio	2.10%	19.68%	37.26%	54.84%	72.42%	90.00%	92.50%
Projected Dividends (M)	1.19	11.54	22.61	34.44	47.07	60.53	64.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	2.49%	3.49%	4.49%
Year 1 PV (M)	10.48	10.58	10.68
Year 2 PV (M)	18.63	19.00	19.37
Year 3 PV (M)	25.77	26.53	27.30
Year 4 PV (M)	31.97	33.23	34.54
Year 5 PV (M)	37.32	39.18	41.11
PV of Terminal Value (M)	648.56	680.83	714.36
Equity Value (M)	772.73	809.35	847.36
Shares Outstanding (M)	346.99	346.99	346.99
Fair Value	$2.23	$2.33	$2.44
Upside / Downside	-69.45%	-68.00%	-66.50%

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Shenzhen Quanxinhao Co., Ltd. (000007.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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