DDM Analysis: 002632.SZ

Valuation Snapshot

Stable Growth	$5.14 - $9.86	$7.03
Multi-Stage	$7.98 - $8.76	$8.36
Blended Fair Value	$7.69
Current Price	$10.88
Upside	-29.28%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.30%	44.16%	0.43	0.45	0.05	0.00	0.18	0.37	0.06	0.04	0.02	0.01
YoY Growth	-	-	-4.28%	799.22%	2,762.98%	-99.01%	-51.85%	520.48%	64.75%	50.12%	114.71%	0.00%
Dividend Yield	-	-	4.92%	5.13%	0.67%	0.03%	2.83%	4.78%	0.66%	0.42%	0.24%	0.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	205.49
(-) Cash Dividends Paid (M)	81.33
(=) Cash Retained (M)	124.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.10	25.69	15.41
Cash Retained (M)	124.16	124.16	124.16
(-) Cash Required (M)	-41.10	-25.69	-15.41
(=) Excess Retained (M)	83.06	98.47	108.75
(/) Shares Outstanding (M)	625.12	625.12	625.12
(=) Excess Retained per Share	0.13	0.16	0.17
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.13	0.16	0.17
(=) Adjusted Dividend	0.26	0.29	0.30
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	1.30%	2.30%	3.30%
Fair Value	$5.14	$7.03	$9.86
Upside / Downside	-52.79%	-35.40%	-9.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	205.49	210.22	215.05	219.99	225.05	230.23	237.13
Payout Ratio	39.58%	49.66%	59.75%	69.83%	79.92%	90.00%	92.50%
Projected Dividends (M)	81.33	104.40	128.49	153.63	179.85	207.21	219.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	1.30%	2.30%	3.30%
Year 1 PV (M)	97.08	98.04	99.00
Year 2 PV (M)	111.11	113.31	115.54
Year 3 PV (M)	123.53	127.23	131.00
Year 4 PV (M)	134.49	139.88	145.43
Year 5 PV (M)	144.08	151.34	158.88
PV of Terminal Value (M)	4,375.58	4,595.86	4,824.92
Equity Value (M)	4,985.87	5,225.65	5,474.76
Shares Outstanding (M)	625.12	625.12	625.12
Fair Value	$7.98	$8.36	$8.76
Upside / Downside	-26.69%	-23.17%	-19.50%

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Daoming Optics&Chemical Co.,Ltd (002632.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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