DDM Analysis: 300136.SZ

Valuation Snapshot

Stable Growth	$19.20 - $76.93	$32.77
Multi-Stage	$11.74 - $12.85	$12.28
Blended Fair Value	$22.53
Current Price	$25.80
Upside	-12.68%
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	10.74%	43.87%	0.16	0.10	0.10	0.14	0.11	0.09	0.13	0.08	0.05	0.03
YoY Growth	-	-	55.84%	-3.62%	-25.70%	26.80%	17.70%	-30.10%	71.29%	64.74%	72.95%	568.56%
Dividend Yield	-	-	0.66%	0.50%	0.50%	0.78%	0.39%	0.27%	0.45%	0.21%	0.14%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	614.86
(-) Cash Dividends Paid (M)	36.45
(=) Cash Retained (M)	578.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.97	76.86	46.11
Cash Retained (M)	578.41	578.41	578.41
(-) Cash Required (M)	-122.97	-76.86	-46.11
(=) Excess Retained (M)	455.43	501.55	532.29
(/) Shares Outstanding (M)	953.70	953.70	953.70
(=) Excess Retained per Share	0.48	0.53	0.56
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.48	0.53	0.56
(=) Adjusted Dividend	0.52	0.56	0.60
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.20	$32.77	$76.93
Upside / Downside	-25.56%	27.02%	198.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	614.86	654.82	697.38	742.71	790.99	842.41	867.68
Payout Ratio	5.93%	22.74%	39.56%	56.37%	73.19%	90.00%	92.50%
Projected Dividends (M)	36.45	148.92	275.86	418.68	578.89	758.16	802.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	136.18	137.47	138.76
Year 2 PV (M)	230.66	235.06	239.49
Year 3 PV (M)	320.11	329.30	338.66
Year 4 PV (M)	404.73	420.29	436.30
Year 5 PV (M)	484.69	508.10	532.41
PV of Terminal Value (M)	9,620.70	10,085.38	10,567.85
Equity Value (M)	11,197.07	11,715.60	12,253.47
Shares Outstanding (M)	953.70	953.70	953.70
Fair Value	$11.74	$12.28	$12.85
Upside / Downside	-54.49%	-52.39%	-50.20%

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Shenzhen Sunway Communication Co., Ltd. (300136.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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