DDM Analysis: 603018.SS

Valuation Snapshot

Stable Growth	$44.12 - $95.66	$89.65
Multi-Stage	$14.31 - $15.67	$14.98
Blended Fair Value	$52.31
Current Price	$7.71
Upside	578.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.42%	15.57%	0.32	0.27	0.27	0.23	0.19	0.21	0.16	0.11	0.09	0.07
YoY Growth	-	-	18.53%	-1.95%	17.84%	22.40%	-10.60%	31.12%	46.65%	25.27%	32.97%	-11.45%
Dividend Yield	-	-	3.87%	3.07%	2.96%	2.71%	1.90%	2.20%	1.63%	1.25%	0.75%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	336.24
(-) Cash Dividends Paid (M)	79.49
(=) Cash Retained (M)	256.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.25	42.03	25.22
Cash Retained (M)	256.75	256.75	256.75
(-) Cash Required (M)	-67.25	-42.03	-25.22
(=) Excess Retained (M)	189.50	214.72	231.53
(/) Shares Outstanding (M)	699.05	699.05	699.05
(=) Excess Retained per Share	0.27	0.31	0.33
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.27	0.31	0.33
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$44.12	$89.65	$95.66
Upside / Downside	472.21%	1,062.73%	1,140.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	336.24	358.10	381.38	406.17	432.57	460.68	474.50
Payout Ratio	23.64%	36.91%	50.18%	63.46%	76.73%	90.00%	92.50%
Projected Dividends (M)	79.49	132.19	191.39	257.74	331.90	414.62	438.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	123.04	124.21	125.38
Year 2 PV (M)	165.84	169.00	172.18
Year 3 PV (M)	207.88	213.85	219.93
Year 4 PV (M)	249.19	258.77	268.63
Year 5 PV (M)	289.76	303.76	318.29
PV of Terminal Value (M)	8,968.62	9,401.81	9,851.57
Equity Value (M)	10,004.33	10,471.39	10,955.98
Shares Outstanding (M)	699.05	699.05	699.05
Fair Value	$14.31	$14.98	$15.67
Upside / Downside	85.62%	94.29%	103.28%

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China Design Group Co., Ltd. (603018.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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