DDM Analysis: 300787.SZ

Valuation Snapshot

Stable Growth	$23.01 - $81.89	$75.23
Multi-Stage	$10.62 - $11.61	$11.10
Blended Fair Value	$43.17
Current Price	$13.95
Upside	209.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	107.54%	31.63%	0.27	0.59	0.35	0.19	0.15	0.01	0.14	0.07	0.00	0.02
YoY Growth	-	-	-55.27%	70.76%	83.18%	23.41%	2,130.12%	-95.24%	98.81%	2,035.53%	-84.07%	26.03%
Dividend Yield	-	-	2.28%	6.20%	2.26%	1.62%	1.15%	0.05%	0.66%	0.33%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	113.59
(-) Cash Dividends Paid (M)	63.94
(=) Cash Retained (M)	49.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.72	14.20	8.52
Cash Retained (M)	49.64	49.64	49.64
(-) Cash Required (M)	-22.72	-14.20	-8.52
(=) Excess Retained (M)	26.93	35.45	41.12
(/) Shares Outstanding (M)	275.86	275.86	275.86
(=) Excess Retained per Share	0.10	0.13	0.15
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.10	0.13	0.15
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.01	$75.23	$81.89
Upside / Downside	64.98%	439.30%	487.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	113.59	120.97	128.83	137.21	146.13	155.62	160.29
Payout Ratio	56.29%	63.04%	69.78%	76.52%	83.26%	90.00%	92.50%
Projected Dividends (M)	63.94	76.25	89.90	104.99	121.66	140.06	148.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	70.59	71.26	71.93
Year 2 PV (M)	77.04	78.50	79.98
Year 3 PV (M)	83.29	85.68	88.11
Year 4 PV (M)	89.34	92.78	96.31
Year 5 PV (M)	95.22	99.81	104.59
PV of Terminal Value (M)	2,513.62	2,635.02	2,761.08
Equity Value (M)	2,929.09	3,063.06	3,202.01
Shares Outstanding (M)	275.86	275.86	275.86
Fair Value	$10.62	$11.10	$11.61
Upside / Downside	-23.89%	-20.40%	-16.79%

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Anfu CE LINK Limited (300787.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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