DDM Analysis: 002367.SZ

Valuation Snapshot

Stable Growth	$8.48 - $17.20	$11.84
Multi-Stage	$12.32 - $13.51	$12.91
Blended Fair Value	$12.38
Current Price	$6.62
Upside	86.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.84%	9.34%	0.35	0.25	0.30	0.30	0.54	0.53	0.75	0.10	0.20	0.23
YoY Growth	-	-	41.74%	-16.62%	0.18%	-45.36%	2.75%	-29.80%	650.00%	-50.00%	-13.60%	61.53%
Dividend Yield	-	-	4.80%	3.43%	3.62%	4.13%	5.36%	6.45%	8.93%	1.05%	1.51%	1.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	396.47
(-) Cash Dividends Paid (M)	239.51
(=) Cash Retained (M)	156.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.29	49.56	29.73
Cash Retained (M)	156.95	156.95	156.95
(-) Cash Required (M)	-79.29	-49.56	-29.73
(=) Excess Retained (M)	77.66	107.40	127.22
(/) Shares Outstanding (M)	797.65	797.65	797.65
(=) Excess Retained per Share	0.10	0.13	0.16
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.10	0.13	0.16
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.77%	2.77%	3.77%
Fair Value	$8.48	$11.84	$17.20
Upside / Downside	28.05%	78.91%	159.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	396.47	407.43	418.70	430.28	442.18	454.41	468.04
Payout Ratio	60.41%	66.33%	72.25%	78.16%	84.08%	90.00%	92.50%
Projected Dividends (M)	239.51	270.25	302.50	336.33	371.80	408.97	432.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.77%	2.77%	3.77%
Year 1 PV (M)	251.19	253.66	256.13
Year 2 PV (M)	261.34	266.50	271.71
Year 3 PV (M)	270.08	278.12	286.32
Year 4 PV (M)	277.51	288.58	299.97
Year 5 PV (M)	283.73	297.95	312.73
PV of Terminal Value (M)	8,485.71	8,910.90	9,352.98
Equity Value (M)	9,829.55	10,295.70	10,779.84
Shares Outstanding (M)	797.65	797.65	797.65
Fair Value	$12.32	$12.91	$13.51
Upside / Downside	86.15%	94.98%	104.15%

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Canny Elevator Co., Ltd. (002367.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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