DDM Analysis: 300151.SZ

Valuation Snapshot

Stable Growth	$21.29 - $25.08	$23.51
Multi-Stage	$17.17 - $18.84	$17.99
Blended Fair Value	$20.75
Current Price	$12.96
Upside	60.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.16%	18.88%	0.13	0.20	0.18	0.18	0.00	0.06	0.03	0.03	0.03	0.03
YoY Growth	-	-	-33.86%	13.48%	-4.09%	0.00%	-100.00%	100.00%	-5.22%	-6.56%	23.66%	7.19%
Dividend Yield	-	-	0.88%	1.26%	0.86%	0.84%	0.00%	0.75%	0.41%	0.38%	0.26%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69.02
(-) Cash Dividends Paid (M)	52.15
(=) Cash Retained (M)	16.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.80	8.63	5.18
Cash Retained (M)	16.86	16.86	16.86
(-) Cash Required (M)	-13.80	-8.63	-5.18
(=) Excess Retained (M)	3.06	8.23	11.69
(/) Shares Outstanding (M)	547.19	547.19	547.19
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	-1.01%	-1.01%	-1.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.29	$23.51	$25.08
Upside / Downside	64.28%	81.38%	93.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69.02	73.50	78.28	83.37	88.79	94.56	97.40
Payout Ratio	75.57%	78.46%	81.34%	84.23%	87.11%	90.00%	92.50%
Projected Dividends (M)	52.15	57.67	63.67	70.22	77.35	85.10	90.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.01%	-1.01%	-1.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	57.71	58.25	58.80
Year 2 PV (M)	63.76	64.98	66.20
Year 3 PV (M)	70.36	72.38	74.44
Year 4 PV (M)	77.56	80.54	83.61
Year 5 PV (M)	85.40	89.52	93.80
PV of Terminal Value (M)	9,040.13	9,476.77	9,930.13
Equity Value (M)	9,394.92	9,842.45	10,306.98
Shares Outstanding (M)	547.19	547.19	547.19
Fair Value	$17.17	$17.99	$18.84
Upside / Downside	32.48%	38.79%	45.34%

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Shenzhen Changhong Technology Co., Ltd. (300151.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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