DDM Analysis: 300154.SZ

Valuation Snapshot

Stable Growth	$18.95 - $46.41	$43.50
Multi-Stage	$7.01 - $7.65	$7.32
Blended Fair Value	$25.41
Current Price	$8.45
Upside	200.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.56%	8.22%	0.22	0.17	0.20	0.15	0.21	0.20	0.20	0.15	0.15	0.15
YoY Growth	-	-	31.23%	-17.21%	34.32%	-27.47%	2.11%	0.12%	35.79%	0.00%	-0.35%	50.52%
Dividend Yield	-	-	1.98%	2.71%	3.11%	2.16%	3.98%	3.82%	2.90%	2.39%	1.62%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.06
(-) Cash Dividends Paid (M)	94.42
(=) Cash Retained (M)	9.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.81	13.01	7.80
Cash Retained (M)	9.64	9.64	9.64
(-) Cash Required (M)	-20.81	-13.01	-7.80
(=) Excess Retained (M)	-11.17	-3.37	1.84
(/) Shares Outstanding (M)	445.87	445.87	445.87
(=) Excess Retained per Share	-0.03	-0.01	0.00
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	-0.03	-0.01	0.00
(=) Adjusted Dividend	0.19	0.20	0.22
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.95	$43.50	$46.41
Upside / Downside	124.28%	414.76%	449.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.06	110.82	118.03	125.70	133.87	142.57	146.85
Payout Ratio	90.73%	90.59%	90.44%	90.29%	90.15%	90.00%	92.50%
Projected Dividends (M)	94.42	100.39	106.74	113.50	120.68	128.31	135.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	93.34	94.23	95.11
Year 2 PV (M)	92.28	94.04	95.82
Year 3 PV (M)	91.24	93.85	96.52
Year 4 PV (M)	90.20	93.67	97.23
Year 5 PV (M)	89.17	93.48	97.95
PV of Terminal Value (M)	2,667.12	2,795.94	2,929.69
Equity Value (M)	3,123.35	3,265.21	3,412.33
Shares Outstanding (M)	445.87	445.87	445.87
Fair Value	$7.01	$7.32	$7.65
Upside / Downside	-17.10%	-13.33%	-9.43%

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Shenzhen Riland Industry Group Co., Ltd (300154.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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