DDM Analysis: 002079.SZ

Valuation Snapshot

Stable Growth	$6.71 - $23.61	$22.13
Multi-Stage	$3.00 - $3.28	$3.14
Blended Fair Value	$12.63
Current Price	$10.68
Upside	18.30%
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	10.99%	10.67%	0.05	0.04	0.06	0.05	0.04	0.03	0.03	0.03	0.02	0.02
YoY Growth	-	-	23.94%	-24.72%	21.93%	17.73%	25.78%	-5.10%	11.40%	65.72%	-4.29%	-2.39%
Dividend Yield	-	-	0.53%	0.44%	0.36%	0.44%	0.42%	0.33%	0.42%	0.38%	0.20%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.80
(-) Cash Dividends Paid (M)	22.72
(=) Cash Retained (M)	73.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.16	11.98	7.19
Cash Retained (M)	73.08	73.08	73.08
(-) Cash Required (M)	-19.16	-11.98	-7.19
(=) Excess Retained (M)	53.92	61.10	65.89
(/) Shares Outstanding (M)	806.80	806.80	806.80
(=) Excess Retained per Share	0.07	0.08	0.08
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.07	0.08	0.08
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	6.99%	6.99%	6.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.71	$22.13	$23.61
Upside / Downside	-37.17%	107.21%	121.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.80	102.03	108.66	115.72	123.24	131.25	135.19
Payout Ratio	23.72%	36.98%	50.23%	63.49%	76.74%	90.00%	92.50%
Projected Dividends (M)	22.72	37.73	54.58	73.47	94.58	118.13	125.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.99%	6.99%	6.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34.93	35.26	35.59
Year 2 PV (M)	46.79	47.68	48.58
Year 3 PV (M)	58.31	59.98	61.69
Year 4 PV (M)	69.50	72.17	74.92
Year 5 PV (M)	80.37	84.25	88.28
PV of Terminal Value (M)	2,130.46	2,233.36	2,340.20
Equity Value (M)	2,420.35	2,532.71	2,649.26
Shares Outstanding (M)	806.80	806.80	806.80
Fair Value	$3.00	$3.14	$3.28
Upside / Downside	-71.91%	-70.61%	-69.25%

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Suzhou Good-Ark Electronics Co., Ltd. (002079.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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