DDM Analysis: 002396.SZ

Valuation Snapshot

Stable Growth	$52.09 - $166.05	$155.61
Multi-Stage	$22.11 - $24.19	$23.13
Blended Fair Value	$89.37
Current Price	$30.35
Upside	194.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.02%	5.69%	0.32	0.14	0.17	0.15	0.14	0.11	0.15	0.10	0.09	0.06
YoY Growth	-	-	118.05%	-13.98%	13.73%	8.33%	21.90%	-23.50%	53.30%	9.82%	39.58%	-65.67%
Dividend Yield	-	-	1.58%	0.83%	0.71%	0.73%	0.69%	0.31%	0.60%	0.39%	0.46%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	486.24
(-) Cash Dividends Paid (M)	173.94
(=) Cash Retained (M)	312.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	97.25	60.78	36.47
Cash Retained (M)	312.29	312.29	312.29
(-) Cash Required (M)	-97.25	-60.78	-36.47
(=) Excess Retained (M)	215.05	251.51	275.83
(/) Shares Outstanding (M)	582.36	582.36	582.36
(=) Excess Retained per Share	0.37	0.43	0.47
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.37	0.43	0.47
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$52.09	$155.61	$166.05
Upside / Downside	71.63%	412.73%	447.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	486.24	517.84	551.50	587.35	625.53	666.19	686.18
Payout Ratio	35.77%	46.62%	57.46%	68.31%	79.15%	90.00%	92.50%
Projected Dividends (M)	173.94	241.41	316.92	401.22	495.14	599.57	634.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	223.81	225.93	228.05
Year 2 PV (M)	272.38	277.57	282.81
Year 3 PV (M)	319.69	328.87	338.22
Year 4 PV (M)	365.76	379.82	394.29
Year 5 PV (M)	410.60	430.44	451.03
PV of Terminal Value (M)	11,281.74	11,826.65	12,392.42
Equity Value (M)	12,873.98	13,469.28	14,086.82
Shares Outstanding (M)	582.36	582.36	582.36
Fair Value	$22.11	$23.13	$24.19
Upside / Downside	-27.16%	-23.79%	-20.30%

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Fujian Star-net Communication Co., Ltd. (002396.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener