DDM Analysis: 300241.SZ

Valuation Snapshot

Stable Growth	$0.70 - $1.20	$0.91
Multi-Stage	$1.20 - $1.32	$1.26
Blended Fair Value	$1.09
Current Price	$5.79
Upside	-81.21%
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	2.74%	0.00%	0.02	0.03	0.05	0.01	0.02	0.02	0.03	0.01	0.01	0.04
YoY Growth	-	-	-20.11%	-43.63%	257.53%	-13.48%	-17.85%	-41.60%	132.04%	31.12%	-73.97%	0.00%
Dividend Yield	-	-	0.40%	0.61%	0.83%	0.21%	0.25%	0.35%	0.43%	0.16%	0.15%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.16
(-) Cash Dividends Paid (M)	22.72
(=) Cash Retained (M)	15.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.63	4.77	2.86
Cash Retained (M)	15.44	15.44	15.44
(-) Cash Required (M)	-7.63	-4.77	-2.86
(=) Excess Retained (M)	7.81	10.67	12.58
(/) Shares Outstanding (M)	687.26	687.26	687.26
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	0.40%	1.40%	2.40%
Fair Value	$0.70	$0.91	$1.20
Upside / Downside	-87.94%	-84.21%	-79.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.16	38.70	39.24	39.79	40.35	40.91	42.14
Payout Ratio	59.54%	65.63%	71.73%	77.82%	83.91%	90.00%	92.50%
Projected Dividends (M)	22.72	25.40	28.15	30.96	33.86	36.82	38.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	0.40%	1.40%	2.40%
Year 1 PV (M)	23.55	23.78	24.02
Year 2 PV (M)	24.20	24.68	25.17
Year 3 PV (M)	24.68	25.43	26.18
Year 4 PV (M)	25.02	26.03	27.07
Year 5 PV (M)	25.23	26.51	27.85
PV of Terminal Value (M)	704.76	740.56	777.81
Equity Value (M)	827.44	867.00	908.10
Shares Outstanding (M)	687.26	687.26	687.26
Fair Value	$1.20	$1.26	$1.32
Upside / Downside	-79.21%	-78.21%	-77.18%

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Shenzhen Refond Optoelectronics Co.,Ltd. (300241.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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