DDM Analysis: 001211.SZ

Valuation Snapshot

Stable Growth	$3.89 - $6.68	$5.10
Multi-Stage	$16.85 - $18.60	$17.70
Blended Fair Value	$11.40
Current Price	$26.48
Upside	-56.95%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-6.45%	0.00%	0.24	0.29	0.60	0.60	0.14	0.33	0.14	0.14	0.00	0.00
YoY Growth	-	-	-16.24%	-52.42%	-0.05%	330.83%	-58.25%	145.30%	-0.67%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.13%	1.59%	2.69%	2.21%	0.37%	0.88%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.71
(-) Cash Dividends Paid (M)	13.76
(=) Cash Retained (M)	8.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.54	2.84	1.70
Cash Retained (M)	8.95	8.95	8.95
(-) Cash Required (M)	-4.54	-2.84	-1.70
(=) Excess Retained (M)	4.41	6.11	7.25
(/) Shares Outstanding (M)	71.58	71.58	71.58
(=) Excess Retained per Share	0.06	0.09	0.10
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.06	0.09	0.10
(=) Adjusted Dividend	0.25	0.28	0.29
WACC / Discount Rate	4.39%	4.39%	4.39%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.89	$5.10	$6.68
Upside / Downside	-85.31%	-80.75%	-74.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.71	22.48	22.26	22.03	21.81	21.60	22.24
Payout Ratio	60.59%	66.47%	72.35%	78.24%	84.12%	90.00%	92.50%
Projected Dividends (M)	13.76	14.94	16.10	17.24	18.35	19.44	20.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.39%	4.39%	4.39%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	14.17	14.32	14.46
Year 2 PV (M)	14.48	14.78	15.08
Year 3 PV (M)	14.70	15.15	15.62
Year 4 PV (M)	14.84	15.45	16.08
Year 5 PV (M)	14.90	15.68	16.48
PV of Terminal Value (M)	1,132.92	1,191.91	1,253.34
Equity Value (M)	1,206.00	1,267.29	1,331.06
Shares Outstanding (M)	71.58	71.58	71.58
Fair Value	$16.85	$17.70	$18.60
Upside / Downside	-36.37%	-33.14%	-29.77%

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Suncha Technology Co., Ltd. (001211.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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