DDM Analysis: 002052.SZ

Valuation Snapshot

Stable Growth	$1.86 - $2.49	$2.18
Multi-Stage	$3.28 - $3.62	$3.45
Blended Fair Value	$2.81
Current Price	$15.54
Upside	-81.89%
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	-76.45%	-56.32%	0.00	0.00	0.01	0.00	0.00	0.03	0.03	0.03	0.04	0.06
YoY Growth	-	-	11.60%	-99.65%	55.19%	32.71%	-90.87%	0.51%	29.06%	-37.38%	-34.41%	-34.54%
Dividend Yield	-	-	0.00%	0.00%	0.31%	0.24%	0.21%	1.36%	0.69%	0.56%	0.49%	0.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	315.79
(-) Cash Dividends Paid (M)	0.02
(=) Cash Retained (M)	315.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	63.16	39.47	23.68
Cash Retained (M)	315.78	315.78	315.78
(-) Cash Required (M)	-63.16	-39.47	-23.68
(=) Excess Retained (M)	252.62	276.30	292.09
(/) Shares Outstanding (M)	752.63	752.63	752.63
(=) Excess Retained per Share	0.34	0.37	0.39
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.34	0.37	0.39
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	9.58%	9.58%	9.58%
Growth Rate	-7.18%	-6.18%	-5.18%
Fair Value	$1.86	$2.18	$2.49
Upside / Downside	-88.04%	-85.94%	-83.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	315.79	296.26	277.94	260.75	244.62	229.49	236.38
Payout Ratio	0.01%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.02	53.34	100.07	140.81	176.13	206.54	218.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.58%	9.58%	9.58%
Growth Rate	-7.18%	-6.18%	-5.18%
Year 1 PV (M)	48.16	48.68	49.20
Year 2 PV (M)	81.56	83.33	85.12
Year 3 PV (M)	103.62	107.00	110.46
Year 4 PV (M)	117.01	122.14	127.43
Year 5 PV (M)	123.88	130.70	137.82
PV of Terminal Value (M)	1,991.82	2,101.46	2,215.87
Equity Value (M)	2,466.05	2,593.30	2,725.89
Shares Outstanding (M)	752.63	752.63	752.63
Fair Value	$3.28	$3.45	$3.62
Upside / Downside	-78.92%	-77.83%	-76.69%

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Ticker

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Sector

Shenzhen Coship Electronics Co., Ltd. (002052.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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