DDM Analysis: 300805.SZ

Valuation Snapshot

Stable Growth	$0.64 - $0.92	$0.78
Multi-Stage	$0.99 - $1.09	$1.04
Blended Fair Value	$0.91
Current Price	$11.44
Upside	-92.06%
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	0.00%	0.00%	0.04	0.00	0.00	0.05	0.10	0.00	0.14	0.07	0.27	0.23
YoY Growth	-	-	0.00%	0.00%	-100.00%	-50.00%	0.00%	-100.00%	105.06%	-74.33%	17.15%	0.00%
Dividend Yield	-	-	0.39%	0.00%	0.00%	0.53%	0.66%	0.00%	0.98%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41.52
(-) Cash Dividends Paid (M)	8.49
(=) Cash Retained (M)	33.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.30	5.19	3.11
Cash Retained (M)	33.03	33.03	33.03
(-) Cash Required (M)	-8.30	-5.19	-3.11
(=) Excess Retained (M)	24.73	27.84	29.92
(/) Shares Outstanding (M)	435.67	435.67	435.67
(=) Excess Retained per Share	0.06	0.06	0.07
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.06	0.06	0.07
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.64	$0.78	$0.92
Upside / Downside	-94.37%	-93.19%	-91.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41.52	41.10	40.69	40.29	39.88	39.49	40.67
Payout Ratio	20.44%	34.35%	48.26%	62.17%	76.09%	90.00%	92.50%
Projected Dividends (M)	8.49	14.12	19.64	25.05	30.35	35.54	37.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.75	12.88	13.01
Year 2 PV (M)	16.02	16.35	16.68
Year 3 PV (M)	18.46	19.03	19.61
Year 4 PV (M)	20.20	21.03	21.90
Year 5 PV (M)	21.36	22.47	23.63
PV of Terminal Value (M)	342.81	360.66	379.25
Equity Value (M)	431.60	452.43	474.08
Shares Outstanding (M)	435.67	435.67	435.67
Fair Value	$0.99	$1.04	$1.09
Upside / Downside	-91.34%	-90.92%	-90.49%

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Guangdong Brandmax Marketing Co.,Ltd. (300805.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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