DDM Analysis: 300079.SZ

Valuation Snapshot

Stable Growth	$0.07 - $0.09	$0.08
Multi-Stage	$0.13 - $0.15	$0.14
Blended Fair Value	$0.11
Current Price	$5.87
Upside	-98.16%
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	-2.91%	-8.66%	0.01	0.01	0.01	0.00	0.01	0.01	0.01	0.03	0.02	0.01
YoY Growth	-	-	0.11%	0.00%	0.00%	-100.00%	-13.78%	-12.86%	-57.85%	50.73%	127.50%	-62.79%
Dividend Yield	-	-	0.19%	0.20%	0.15%	0.00%	0.26%	0.24%	0.16%	0.82%	0.31%	0.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.71
(-) Cash Dividends Paid (M)	14.29
(=) Cash Retained (M)	12.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.34	3.34	2.00
Cash Retained (M)	12.42	12.42	12.42
(-) Cash Required (M)	-5.34	-3.34	-2.00
(=) Excess Retained (M)	7.07	9.08	10.41
(/) Shares Outstanding (M)	1,431.03	1,431.03	1,431.03
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.01	0.02	0.02
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-10.03%	-9.03%	-8.03%
Fair Value	$0.07	$0.08	$0.09
Upside / Downside	-98.86%	-98.67%	-98.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.71	24.30	22.10	20.11	18.29	16.64	17.14
Payout Ratio	53.51%	60.81%	68.11%	75.40%	82.70%	90.00%	92.50%
Projected Dividends (M)	14.29	14.77	15.05	15.16	15.13	14.98	15.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-10.03%	-9.03%	-8.03%
Year 1 PV (M)	13.28	13.43	13.58
Year 2 PV (M)	12.17	12.44	12.72
Year 3 PV (M)	11.03	11.40	11.78
Year 4 PV (M)	9.89	10.34	10.80
Year 5 PV (M)	8.81	9.31	9.83
PV of Terminal Value (M)	133.52	141.10	149.03
Equity Value (M)	188.70	198.02	207.74
Shares Outstanding (M)	1,431.03	1,431.03	1,431.03
Fair Value	$0.13	$0.14	$0.15
Upside / Downside	-97.75%	-97.64%	-97.53%

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Sumavision Technologies Co.,Ltd. (300079.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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