DDM Analysis: 300083.SZ

Valuation Snapshot

Stable Growth	$5.58 - $16.81	$8.86
Multi-Stage	$19.41 - $21.44	$20.40
Blended Fair Value	$14.63
Current Price	$10.32
Upside	41.80%
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	-10.24%	0.71%	0.03	0.02	0.03	0.05	0.04	0.05	0.04	0.03	0.02	0.03
YoY Growth	-	-	63.22%	-33.57%	-38.80%	11.85%	-21.49%	23.12%	35.83%	100.59%	-41.79%	-5.64%
Dividend Yield	-	-	0.34%	0.27%	0.32%	0.40%	0.31%	1.19%	1.14%	0.42%	0.17%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	383.59
(-) Cash Dividends Paid (M)	40.26
(=) Cash Retained (M)	343.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	76.72	47.95	28.77
Cash Retained (M)	343.33	343.33	343.33
(-) Cash Required (M)	-76.72	-47.95	-28.77
(=) Excess Retained (M)	266.61	295.38	314.56
(/) Shares Outstanding (M)	1,649.66	1,649.66	1,649.66
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.19	0.20	0.22
WACC / Discount Rate	2.00%	2.00%	2.00%
Growth Rate	-1.29%	-0.29%	0.71%
Fair Value	$5.58	$8.86	$16.81
Upside / Downside	-45.89%	-14.10%	62.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	383.59	382.50	381.40	380.31	379.23	378.14	389.49
Payout Ratio	10.50%	26.40%	42.30%	58.20%	74.10%	90.00%	92.50%
Projected Dividends (M)	40.26	100.97	161.33	221.34	281.00	340.33	360.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.00%	2.00%	2.00%
Growth Rate	-1.29%	-0.29%	0.71%
Year 1 PV (M)	97.99	98.99	99.98
Year 2 PV (M)	151.96	155.05	158.18
Year 3 PV (M)	202.34	208.55	214.89
Year 4 PV (M)	249.32	259.57	270.14
Year 5 PV (M)	293.05	308.20	323.97
PV of Terminal Value (M)	31,023.03	32,626.54	34,295.69
Equity Value (M)	32,017.69	33,656.91	35,362.85
Shares Outstanding (M)	1,649.66	1,649.66	1,649.66
Fair Value	$19.41	$20.40	$21.44
Upside / Downside	88.07%	97.70%	107.72%

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Guangdong Create Century Intelligent Equipment Group Corporation Limited (300083.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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