DDM Analysis: 300468.SZ

Valuation Snapshot

Stable Growth	$1.55 - $2.44	$1.96
Multi-Stage	$2.47 - $2.71	$2.59
Blended Fair Value	$2.27
Current Price	$38.08
Upside	-94.03%
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	2.06%	-1.62%	0.06	0.06	0.05	0.06	0.05	0.05	0.05	0.05	0.03	0.07
YoY Growth	-	-	0.00%	12.39%	-3.40%	4.32%	-2.21%	8.49%	4.04%	69.79%	-60.00%	0.00%
Dividend Yield	-	-	0.39%	0.65%	0.43%	0.39%	0.48%	0.47%	0.65%	0.56%	0.24%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.73
(-) Cash Dividends Paid (M)	53.06
(=) Cash Retained (M)	28.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.35	10.22	6.13
Cash Retained (M)	28.67	28.67	28.67
(-) Cash Required (M)	-16.35	-10.22	-6.13
(=) Excess Retained (M)	12.32	18.45	22.54
(/) Shares Outstanding (M)	527.57	527.57	527.57
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.12	0.14	0.14
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	0.06%	1.06%	2.06%
Fair Value	$1.55	$1.96	$2.44
Upside / Downside	-95.93%	-94.86%	-93.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.73	82.60	83.48	84.37	85.27	86.18	88.76
Payout Ratio	64.92%	69.94%	74.95%	79.97%	84.98%	90.00%	92.50%
Projected Dividends (M)	53.06	57.77	62.57	67.47	72.46	77.56	82.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	0.06%	1.06%	2.06%
Year 1 PV (M)	52.93	53.46	53.99
Year 2 PV (M)	52.53	53.58	54.65
Year 3 PV (M)	51.89	53.46	55.07
Year 4 PV (M)	51.06	53.13	55.27
Year 5 PV (M)	50.07	52.62	55.28
PV of Terminal Value (M)	1,046.36	1,099.70	1,155.20
Equity Value (M)	1,304.85	1,365.97	1,429.45
Shares Outstanding (M)	527.57	527.57	527.57
Fair Value	$2.47	$2.59	$2.71
Upside / Downside	-93.50%	-93.20%	-92.88%

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Shenzhen Forms Syntron Information Co., Ltd. (300468.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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