DDM Analysis: 300939.SZ

Valuation Snapshot

Stable Growth	$8.93 - $15.72	$11.81
Multi-Stage	$15.16 - $16.64	$15.89
Blended Fair Value	$13.85
Current Price	$34.39
Upside	-59.72%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.73%	0.00%	0.39	0.40	0.40	0.33	0.00	0.30	0.07	0.10	0.02	0.00
YoY Growth	-	-	-0.92%	0.00%	20.00%	7,579.39%	-98.55%	339.72%	-32.74%	546.61%	0.00%	0.00%
Dividend Yield	-	-	1.32%	1.24%	1.18%	1.09%	0.01%	0.72%	0.16%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.23
(-) Cash Dividends Paid (M)	47.69
(=) Cash Retained (M)	33.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.25	10.15	6.09
Cash Retained (M)	33.54	33.54	33.54
(-) Cash Required (M)	-16.25	-10.15	-6.09
(=) Excess Retained (M)	17.29	23.39	27.45
(/) Shares Outstanding (M)	121.01	121.01	121.01
(=) Excess Retained per Share	0.14	0.19	0.23
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.14	0.19	0.23
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	0.62%	1.62%	2.62%
Fair Value	$8.93	$11.81	$15.72
Upside / Downside	-74.04%	-65.65%	-54.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.23	82.54	83.88	85.25	86.63	88.03	90.68
Payout Ratio	58.71%	64.97%	71.23%	77.48%	83.74%	90.00%	92.50%
Projected Dividends (M)	47.69	53.63	59.75	66.05	72.54	79.23	83.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	0.62%	1.62%	2.62%
Year 1 PV (M)	49.78	50.27	50.77
Year 2 PV (M)	51.48	52.50	53.54
Year 3 PV (M)	52.82	54.41	56.03
Year 4 PV (M)	53.85	56.02	58.26
Year 5 PV (M)	54.59	57.36	60.23
PV of Terminal Value (M)	1,572.45	1,652.15	1,735.06
Equity Value (M)	1,834.96	1,922.72	2,013.89
Shares Outstanding (M)	121.01	121.01	121.01
Fair Value	$15.16	$15.89	$16.64
Upside / Downside	-55.91%	-53.80%	-51.61%

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Shenzhen AV-Display Co., Ltd. (300939.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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