DDM Analysis: 002983.SZ

Valuation Snapshot

Stable Growth	$4.15 - $5.88	$5.00
Multi-Stage	$6.01 - $6.61	$6.30
Blended Fair Value	$5.65
Current Price	$20.93
Upside	-72.99%
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	0.00%	0.00%	0.30	0.21	0.17	0.20	0.00	0.00	0.00	0.03	0.14	0.00
YoY Growth	-	-	41.94%	25.11%	-13.33%	0.00%	0.00%	0.00%	-100.00%	-78.05%	0.00%	0.00%
Dividend Yield	-	-	1.69%	1.01%	0.94%	1.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	137.74
(-) Cash Dividends Paid (M)	0.39
(=) Cash Retained (M)	137.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.55	17.22	10.33
Cash Retained (M)	137.34	137.34	137.34
(-) Cash Required (M)	-27.55	-17.22	-10.33
(=) Excess Retained (M)	109.80	120.13	127.01
(/) Shares Outstanding (M)	217.86	217.86	217.86
(=) Excess Retained per Share	0.50	0.55	0.58
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.50	0.55	0.58
(=) Adjusted Dividend	0.51	0.55	0.58
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.15	$5.00	$5.88
Upside / Downside	-80.18%	-76.11%	-71.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	137.74	136.36	135.00	133.65	132.31	130.99	134.92
Payout Ratio	0.29%	18.23%	36.17%	54.11%	72.06%	90.00%	92.50%
Projected Dividends (M)	0.39	24.86	48.83	72.32	95.34	117.89	124.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	22.38	22.61	22.83
Year 2 PV (M)	39.58	40.39	41.21
Year 3 PV (M)	52.78	54.41	56.07
Year 4 PV (M)	62.64	65.23	67.91
Year 5 PV (M)	69.73	73.36	77.14
PV of Terminal Value (M)	1,062.03	1,117.34	1,174.92
Equity Value (M)	1,309.14	1,373.34	1,440.09
Shares Outstanding (M)	217.86	217.86	217.86
Fair Value	$6.01	$6.30	$6.61
Upside / Downside	-71.29%	-69.88%	-68.42%

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Anhui Coreach Technology Co.,Ltd (002983.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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