DDM Analysis: 2276.HK

Valuation Snapshot

Stable Growth	$15.45 - $22.66	$18.92
Multi-Stage	$26.96 - $29.65	$28.28
Blended Fair Value	$23.60
Current Price	$34.12
Upside	-30.83%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	-18.55%	0.00%	0.31	0.15	0.08	0.35	0.00	0.86	0.97	0.00	0.00	0.00
YoY Growth	-	-	108.75%	76.47%	-75.74%	0.00%	-100.00%	-10.98%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.32%	2.29%	2.01%	9.47%	0.00%	21.24%	24.28%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	869.60
(-) Cash Dividends Paid (M)	197.57
(=) Cash Retained (M)	672.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	173.92	108.70	65.22
Cash Retained (M)	672.03	672.03	672.03
(-) Cash Required (M)	-173.92	-108.70	-65.22
(=) Excess Retained (M)	498.11	563.33	606.81
(/) Shares Outstanding (M)	432.14	432.14	432.14
(=) Excess Retained per Share	1.15	1.30	1.40
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	1.15	1.30	1.40
(=) Adjusted Dividend	1.61	1.76	1.86
WACC / Discount Rate	8.21%	8.21%	8.21%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$15.45	$18.92	$22.66
Upside / Downside	-54.73%	-44.55%	-33.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	869.60	860.90	852.29	843.77	835.33	826.98	851.79
Payout Ratio	22.72%	36.18%	49.63%	63.09%	76.54%	90.00%	92.50%
Projected Dividends (M)	197.57	311.43	423.01	532.31	639.39	744.28	787.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.21%	8.21%	8.21%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	284.89	287.80	290.70
Year 2 PV (M)	353.97	361.23	368.56
Year 3 PV (M)	407.47	420.07	432.93
Year 4 PV (M)	447.72	466.28	485.40
Year 5 PV (M)	476.74	501.57	527.42
PV of Terminal Value (M)	9,680.48	10,184.57	10,709.44
Equity Value (M)	11,651.28	12,221.51	12,814.46
Shares Outstanding (M)	432.14	432.14	432.14
Fair Value	$26.96	$28.28	$29.65
Upside / Downside	-20.98%	-17.11%	-13.09%

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Financial Statements

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Ticker

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Sector

Shanghai Conant Optical Co., Ltd. (2276.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener