DDM Analysis: 002384.SZ

Valuation Snapshot

Stable Growth	$121.63 - $143.30	$134.29
Multi-Stage	$89.30 - $98.00	$93.57
Blended Fair Value	$113.93
Current Price	$71.50
Upside	59.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	54.96%	58.93%	0.46	0.11	0.20	0.10	0.05	0.05	0.03	0.01	0.00	0.05
YoY Growth	-	-	321.54%	-45.10%	99.54%	112.86%	-9.09%	65.10%	399.69%	26.39%	-89.57%	957.94%
Dividend Yield	-	-	1.40%	0.72%	0.65%	0.53%	0.25%	0.25%	0.16%	0.04%	0.03%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,241.57
(-) Cash Dividends Paid (M)	351.07
(=) Cash Retained (M)	890.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	248.31	155.20	93.12
Cash Retained (M)	890.50	890.50	890.50
(-) Cash Required (M)	-248.31	-155.20	-93.12
(=) Excess Retained (M)	642.19	735.30	797.38
(/) Shares Outstanding (M)	1,723.11	1,723.11	1,723.11
(=) Excess Retained per Share	0.37	0.43	0.46
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.37	0.43	0.46
(=) Adjusted Dividend	0.58	0.63	0.67
WACC / Discount Rate	0.72%	0.72%	0.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$121.63	$134.29	$143.30
Upside / Downside	70.11%	87.82%	100.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,241.57	1,322.27	1,408.21	1,499.75	1,597.23	1,701.05	1,752.08
Payout Ratio	28.28%	40.62%	52.97%	65.31%	77.66%	90.00%	92.50%
Projected Dividends (M)	351.07	537.12	745.87	979.49	1,240.33	1,530.95	1,620.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.72%	0.72%	0.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	528.24	533.25	538.26
Year 2 PV (M)	721.44	735.18	749.05
Year 3 PV (M)	931.76	958.50	985.76
Year 4 PV (M)	1,160.40	1,205.03	1,250.93
Year 5 PV (M)	1,408.63	1,476.67	1,547.31
PV of Terminal Value (M)	149,118.96	156,321.46	163,799.62
Equity Value (M)	153,869.43	161,230.09	168,870.92
Shares Outstanding (M)	1,723.11	1,723.11	1,723.11
Fair Value	$89.30	$93.57	$98.00
Upside / Downside	24.89%	30.87%	37.07%

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Suzhou Dongshan Precision Manufacturing Co., Ltd. (002384.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener