DDM Analysis: 002811.SZ

Valuation Snapshot

Stable Growth	$4.81 - $7.70	$6.12
Multi-Stage	$10.30 - $11.33	$10.81
Blended Fair Value	$8.46
Current Price	$12.18
Upside	-30.53%
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	15.10%	14.76%	0.39	0.03	0.48	0.39	0.23	0.19	0.12	0.12	0.06	0.07
YoY Growth	-	-	1,463.07%	-94.81%	25.07%	67.75%	18.75%	58.50%	0.00%	117.14%	-17.11%	-31.25%
Dividend Yield	-	-	4.10%	0.35%	6.32%	4.00%	2.75%	2.03%	1.01%	1.07%	0.24%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	135.91
(-) Cash Dividends Paid (M)	80.00
(=) Cash Retained (M)	55.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.18	16.99	10.19
Cash Retained (M)	55.91	55.91	55.91
(-) Cash Required (M)	-27.18	-16.99	-10.19
(=) Excess Retained (M)	28.73	38.92	45.72
(/) Shares Outstanding (M)	294.43	294.43	294.43
(=) Excess Retained per Share	0.10	0.13	0.16
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.10	0.13	0.16
(=) Adjusted Dividend	0.37	0.40	0.43
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-1.17%	-0.17%	0.83%
Fair Value	$4.81	$6.12	$7.70
Upside / Downside	-60.54%	-49.79%	-36.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	135.91	135.67	135.44	135.20	134.97	134.73	138.78
Payout Ratio	58.86%	65.09%	71.32%	77.54%	83.77%	90.00%	92.50%
Projected Dividends (M)	80.00	88.31	96.59	104.84	113.07	121.26	128.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-1.17%	-0.17%	0.83%
Year 1 PV (M)	82.15	82.98	83.81
Year 2 PV (M)	83.59	85.29	87.00
Year 3 PV (M)	84.40	86.99	89.63
Year 4 PV (M)	84.67	88.15	91.74
Year 5 PV (M)	84.48	88.84	93.38
PV of Terminal Value (M)	2,614.73	2,749.72	2,890.23
Equity Value (M)	3,034.01	3,181.97	3,335.79
Shares Outstanding (M)	294.43	294.43	294.43
Fair Value	$10.30	$10.81	$11.33
Upside / Downside	-15.40%	-11.27%	-6.98%

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Shenzhen Cheng Chung Design Co., Ltd. (002811.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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