DDM Analysis: 002730.SZ

Valuation Snapshot

Stable Growth	$19.69 - $53.71	$50.33
Multi-Stage	$7.67 - $8.39	$8.02
Blended Fair Value	$29.18
Current Price	$15.99
Upside	82.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.33%	10.70%	0.16	0.13	0.13	0.08	0.11	0.09	0.09	0.02	0.07	0.10
YoY Growth	-	-	21.49%	0.41%	53.58%	-24.61%	21.05%	6.80%	276.12%	-69.29%	-22.51%	69.13%
Dividend Yield	-	-	0.98%	1.59%	1.48%	0.82%	0.69%	1.30%	0.99%	0.21%	0.38%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.33
(-) Cash Dividends Paid (M)	55.64
(=) Cash Retained (M)	39.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.07	11.92	7.15
Cash Retained (M)	39.69	39.69	39.69
(-) Cash Required (M)	-19.07	-11.92	-7.15
(=) Excess Retained (M)	20.62	27.77	32.54
(/) Shares Outstanding (M)	352.99	352.99	352.99
(=) Excess Retained per Share	0.06	0.08	0.09
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.06	0.08	0.09
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.69	$50.33	$53.71
Upside / Downside	23.14%	214.77%	235.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.33	101.52	108.12	115.15	122.64	130.61	134.53
Payout Ratio	58.37%	64.69%	71.02%	77.35%	83.67%	90.00%	92.50%
Projected Dividends (M)	55.64	65.68	76.79	89.07	102.61	117.55	124.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	61.00	61.58	62.16
Year 2 PV (M)	66.24	67.50	68.78
Year 3 PV (M)	71.36	73.41	75.49
Year 4 PV (M)	76.36	79.29	82.31
Year 5 PV (M)	81.24	85.16	89.24
PV of Terminal Value (M)	2,351.33	2,464.90	2,582.81
Equity Value (M)	2,707.53	2,831.84	2,960.79
Shares Outstanding (M)	352.99	352.99	352.99
Fair Value	$7.67	$8.02	$8.39
Upside / Downside	-52.03%	-49.83%	-47.54%

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Dianguang Explosion-proof Technology Co., Ltd. (002730.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener