DDM Analysis: 002558.SZ

Valuation Snapshot

Stable Growth	$165.83 - $195.56	$183.18
Multi-Stage	$101.35 - $111.74	$106.44
Blended Fair Value	$144.81
Current Price	$45.18
Upside	220.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.20%	52.99%	0.24	0.32	0.18	0.18	0.15	0.20	0.24	0.20	0.00	0.00
YoY Growth	-	-	-24.19%	79.20%	-1.56%	21.99%	-24.71%	-16.11%	19.52%	313,062.81%	145.92%	-99.26%
Dividend Yield	-	-	1.73%	2.58%	1.36%	1.80%	1.03%	1.19%	1.04%	0.62%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,770.92
(-) Cash Dividends Paid (M)	256.15
(=) Cash Retained (M)	1,514.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	354.18	221.36	132.82
Cash Retained (M)	1,514.77	1,514.77	1,514.77
(-) Cash Required (M)	-354.18	-221.36	-132.82
(=) Excess Retained (M)	1,160.58	1,293.40	1,381.95
(/) Shares Outstanding (M)	1,718.80	1,718.80	1,718.80
(=) Excess Retained per Share	0.68	0.75	0.80
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.68	0.75	0.80
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	0.57%	0.57%	0.57%
Growth Rate	0.59%	1.59%	2.59%
Fair Value	$165.83	$183.18	$195.56
Upside / Downside	267.05%	305.45%	332.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,770.92	1,799.16	1,827.86	1,857.01	1,886.63	1,916.73	1,974.23
Payout Ratio	14.46%	29.57%	44.68%	59.79%	74.89%	90.00%	92.50%
Projected Dividends (M)	256.15	532.04	816.66	1,110.23	1,412.95	1,725.05	1,826.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.57%	0.57%	0.57%
Growth Rate	0.59%	1.59%	2.59%
Year 1 PV (M)	523.80	529.01	534.21
Year 2 PV (M)	791.56	807.38	823.35
Year 3 PV (M)	1,059.44	1,091.36	1,123.90
Year 4 PV (M)	1,327.44	1,381.02	1,436.20
Year 5 PV (M)	1,595.55	1,676.45	1,760.60
PV of Terminal Value (M)	168,906.95	177,470.93	186,378.81
Equity Value (M)	174,204.75	182,956.14	192,057.07
Shares Outstanding (M)	1,718.80	1,718.80	1,718.80
Fair Value	$101.35	$106.44	$111.74
Upside / Downside	124.33%	135.60%	147.32%

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Giant Network Group Co., Ltd. (002558.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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