DDM Analysis: 002539.SZ

Valuation Snapshot

Stable Growth	$84.56 - $140.18	$131.37
Multi-Stage	$22.72 - $24.87	$23.77
Blended Fair Value	$77.57
Current Price	$10.40
Upside	645.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.38%	22.71%	0.42	0.30	0.33	0.17	0.13	0.08	0.12	0.07	0.07	0.05
YoY Growth	-	-	41.49%	-9.87%	99.28%	33.14%	50.00%	-28.57%	75.00%	0.00%	22.05%	0.00%
Dividend Yield	-	-	5.49%	3.88%	2.99%	1.24%	1.37%	1.60%	1.99%	1.19%	0.65%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	850.25
(-) Cash Dividends Paid (M)	355.01
(=) Cash Retained (M)	495.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	170.05	106.28	63.77
Cash Retained (M)	495.25	495.25	495.25
(-) Cash Required (M)	-170.05	-106.28	-63.77
(=) Excess Retained (M)	325.20	388.96	431.48
(/) Shares Outstanding (M)	1,206.30	1,206.30	1,206.30
(=) Excess Retained per Share	0.27	0.32	0.36
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.27	0.32	0.36
(=) Adjusted Dividend	0.56	0.62	0.65
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$84.56	$131.37	$140.18
Upside / Downside	713.09%	1,163.13%	1,247.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	850.25	905.52	964.38	1,027.06	1,093.82	1,164.92	1,199.87
Payout Ratio	41.75%	51.40%	61.05%	70.70%	80.35%	90.00%	92.50%
Projected Dividends (M)	355.01	465.46	588.77	726.14	878.89	1,048.43	1,109.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	434.15	438.27	442.38
Year 2 PV (M)	512.24	522.00	531.84
Year 3 PV (M)	589.27	606.19	623.42
Year 4 PV (M)	665.26	690.84	717.16
Year 5 PV (M)	740.22	775.97	813.09
PV of Terminal Value (M)	24,460.77	25,642.24	26,868.92
Equity Value (M)	27,401.91	28,675.50	29,996.82
Shares Outstanding (M)	1,206.30	1,206.30	1,206.30
Fair Value	$22.72	$23.77	$24.87
Upside / Downside	118.42%	128.57%	139.10%

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Chengdu Wintrue Holding Co., Ltd. (002539.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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