DDM Analysis: 603341.SS

Valuation Snapshot

Stable Growth	$118.05 - $247.36	$231.82
Multi-Stage	$37.89 - $41.47	$39.65
Blended Fair Value	$135.73
Current Price	$48.00
Upside	182.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	68.09%	0.00%	0.61	0.08	1.06	0.28	0.09	0.05	0.00	0.00	0.00	0.00
YoY Growth	-	-	634.90%	-92.16%	283.89%	217.52%	90.97%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.40%	0.17%	4.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	577.55
(-) Cash Dividends Paid (M)	261.27
(=) Cash Retained (M)	316.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	115.51	72.19	43.32
Cash Retained (M)	316.28	316.28	316.28
(-) Cash Required (M)	-115.51	-72.19	-43.32
(=) Excess Retained (M)	200.77	244.09	272.97
(/) Shares Outstanding (M)	464.34	464.34	464.34
(=) Excess Retained per Share	0.43	0.53	0.59
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.43	0.53	0.59
(=) Adjusted Dividend	1.00	1.09	1.15
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$118.05	$231.82	$247.36
Upside / Downside	145.94%	382.95%	415.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	577.55	615.09	655.07	697.65	743.00	791.30	815.03
Payout Ratio	45.24%	54.19%	63.14%	72.10%	81.05%	90.00%	92.50%
Projected Dividends (M)	261.27	333.32	413.63	502.97	602.18	712.17	753.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	310.36	313.30	316.24
Year 2 PV (M)	358.61	365.44	372.33
Year 3 PV (M)	406.03	417.69	429.56
Year 4 PV (M)	452.64	470.04	487.95
Year 5 PV (M)	498.43	522.51	547.50
PV of Terminal Value (M)	15,568.16	16,320.11	17,100.84
Equity Value (M)	17,594.23	18,409.09	19,254.43
Shares Outstanding (M)	464.34	464.34	464.34
Fair Value	$37.89	$39.65	$41.47
Upside / Downside	-21.06%	-17.40%	-13.61%

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Shanghai Longcheer Technology Co., Ltd. (603341.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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