DDM Analysis: 301135.SZ

Valuation Snapshot

Stable Growth	$8.93 - $24.31	$13.77
Multi-Stage	$8.18 - $8.94	$8.55
Blended Fair Value	$11.16
Current Price	$28.38
Upside	-60.68%
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	8.41%	4.65%	0.30	0.34	0.29	0.25	0.26	0.20	0.21	0.19	0.17	0.08
YoY Growth	-	-	-10.07%	15.53%	17.33%	-3.66%	27.53%	-2.95%	7.26%	10.89%	114.52%	-57.50%
Dividend Yield	-	-	1.19%	1.51%	1.11%	0.74%	0.77%	0.60%	0.00%	0.00%	0.52%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39.90
(-) Cash Dividends Paid (M)	30.46
(=) Cash Retained (M)	9.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.98	4.99	2.99
Cash Retained (M)	9.44	9.44	9.44
(-) Cash Required (M)	-7.98	-4.99	-2.99
(=) Excess Retained (M)	1.46	4.45	6.45
(/) Shares Outstanding (M)	105.33	105.33	105.33
(=) Excess Retained per Share	0.01	0.04	0.06
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.01	0.04	0.06
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	4.01%	5.01%	6.01%
Fair Value	$8.93	$13.77	$24.31
Upside / Downside	-68.52%	-51.49%	-14.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39.90	41.90	44.00	46.21	48.52	50.95	52.48
Payout Ratio	76.35%	79.08%	81.81%	84.54%	87.27%	90.00%	92.50%
Projected Dividends (M)	30.46	33.14	36.00	39.06	42.34	45.86	48.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	4.01%	5.01%	6.01%
Year 1 PV (M)	30.52	30.81	31.11
Year 2 PV (M)	30.54	31.13	31.72
Year 3 PV (M)	30.52	31.41	32.32
Year 4 PV (M)	30.47	31.66	32.89
Year 5 PV (M)	30.40	31.88	33.43
PV of Terminal Value (M)	708.97	743.71	779.80
Equity Value (M)	861.41	900.61	941.27
Shares Outstanding (M)	105.33	105.33	105.33
Fair Value	$8.18	$8.55	$8.94
Upside / Downside	-71.18%	-69.87%	-68.51%

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Guangdong Real-Design Intelligent Technology Co., Ltd (301135.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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