DDM Analysis: 300102.SZ

Valuation Snapshot

Stable Growth	$10.63 - $28.90	$27.08
Multi-Stage	$4.10 - $4.49	$4.29
Blended Fair Value	$15.69
Current Price	$12.52
Upside	25.28%
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	18.43%	-3.62%	0.04	0.07	0.01	0.11	0.11	0.02	0.02	0.01	0.00	0.01
YoY Growth	-	-	-34.67%	360.91%	-86.61%	2.85%	461.80%	-18.19%	203.78%	7,466.90%	-99.21%	-80.00%
Dividend Yield	-	-	0.39%	0.92%	0.19%	1.21%	1.72%	0.38%	0.32%	0.09%	0.00%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	135.22
(-) Cash Dividends Paid (M)	64.18
(=) Cash Retained (M)	71.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.04	16.90	10.14
Cash Retained (M)	71.04	71.04	71.04
(-) Cash Required (M)	-27.04	-16.90	-10.14
(=) Excess Retained (M)	43.99	54.13	60.89
(/) Shares Outstanding (M)	930.59	930.59	930.59
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.12	0.13	0.13
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.63	$27.08	$28.90
Upside / Downside	-15.07%	116.30%	130.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	135.22	144.01	153.37	163.34	173.95	185.26	190.82
Payout Ratio	47.47%	55.97%	64.48%	72.99%	81.49%	90.00%	92.50%
Projected Dividends (M)	64.18	80.60	98.89	119.21	141.76	166.73	176.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	74.87	75.58	76.29
Year 2 PV (M)	85.31	86.94	88.58
Year 3 PV (M)	95.52	98.27	101.06
Year 4 PV (M)	105.50	109.56	113.73
Year 5 PV (M)	115.26	120.82	126.60
PV of Terminal Value (M)	3,339.71	3,501.02	3,668.50
Equity Value (M)	3,816.18	3,992.19	4,174.77
Shares Outstanding (M)	930.59	930.59	930.59
Fair Value	$4.10	$4.29	$4.49
Upside / Downside	-67.25%	-65.74%	-64.17%

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Xiamen Changelight Co., Ltd. (300102.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener