DDM Analysis: 000049.SZ

Valuation Snapshot

Stable Growth	$77.93 - $215.85	$202.28
Multi-Stage	$30.58 - $33.44	$31.98
Blended Fair Value	$117.13
Current Price	$27.91
Upside	319.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.96%	21.49%	1.06	1.92	0.93	0.92	1.05	0.72	0.43	0.27	0.12	0.19
YoY Growth	-	-	-44.83%	106.63%	0.90%	-12.57%	45.82%	67.59%	61.71%	116.79%	-35.44%	25.95%
Dividend Yield	-	-	4.63%	7.91%	2.32%	2.72%	2.42%	3.33%	1.88%	1.23%	0.38%	0.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	417.47
(-) Cash Dividends Paid (M)	225.43
(=) Cash Retained (M)	192.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	83.49	52.18	31.31
Cash Retained (M)	192.04	192.04	192.04
(-) Cash Required (M)	-83.49	-52.18	-31.31
(=) Excess Retained (M)	108.55	139.86	160.73
(/) Shares Outstanding (M)	384.64	384.64	384.64
(=) Excess Retained per Share	0.28	0.36	0.42
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.28	0.36	0.42
(=) Adjusted Dividend	0.87	0.95	1.00
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$77.93	$202.28	$215.85
Upside / Downside	179.22%	624.76%	673.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	417.47	444.61	473.51	504.28	537.06	571.97	589.13
Payout Ratio	54.00%	61.20%	68.40%	75.60%	82.80%	90.00%	92.50%
Projected Dividends (M)	225.43	272.09	323.87	381.24	444.69	514.77	544.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	252.67	255.07	257.46
Year 2 PV (M)	279.29	284.61	289.98
Year 3 PV (M)	305.29	314.05	322.98
Year 4 PV (M)	330.68	343.40	356.48
Year 5 PV (M)	355.47	372.64	390.47
PV of Terminal Value (M)	10,238.42	10,732.93	11,246.38
Equity Value (M)	11,761.82	12,302.70	12,863.75
Shares Outstanding (M)	384.64	384.64	384.64
Fair Value	$30.58	$31.98	$33.44
Upside / Downside	9.56%	14.60%	19.83%

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Shenzhen Desay Battery Technology Co., Ltd. (000049.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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