Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hanma Technology Group Co.,Ltd. (600375.SS)

Company Dividend Discount ModelIndustry: Agricultural - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$1.68 - $2.23$1.96
Multi-Stage$3.84 - $4.26$4.05
Blended Fair Value$3.01
Current Price$8.10
Upside-62.89%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-28.49%-16.97%0.020.080.080.100.110.100.120.080.090.08
YoY Growth---76.55%7.63%-27.15%-6.30%8.56%-18.22%56.28%-10.50%13.13%-35.64%
Dividend Yield--0.31%1.67%1.02%1.08%1.54%2.37%1.97%1.53%1.06%1.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)570.07
(-) Cash Dividends Paid (M)18.35
(=) Cash Retained (M)551.72
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)114.0171.2642.76
Cash Retained (M)551.72551.72551.72
(-) Cash Required (M)-114.01-71.26-42.76
(=) Excess Retained (M)437.71480.46508.97
(/) Shares Outstanding (M)1,369.431,369.431,369.43
(=) Excess Retained per Share0.320.350.37
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.320.350.37
(=) Adjusted Dividend0.330.360.39
WACC / Discount Rate7.96%7.96%7.96%
Growth Rate-9.93%-8.93%-7.93%
Fair Value$1.68$1.96$2.23
Upside / Downside-79.31%-75.76%-72.46%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)570.07519.15472.79430.56392.10357.08367.79
Payout Ratio3.22%20.58%37.93%55.29%72.64%90.00%92.50%
Projected Dividends (M)18.35106.82179.33238.04284.84321.37340.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.96%7.96%7.96%
Growth Rate-9.93%-8.93%-7.93%
Year 1 PV (M)97.8598.94100.02
Year 2 PV (M)150.49153.85157.25
Year 3 PV (M)183.00189.16195.46
Year 4 PV (M)200.59209.65219.01
Year 5 PV (M)207.33219.09231.39
PV of Terminal Value (M)4,422.114,673.114,935.38
Equity Value (M)5,261.385,543.815,838.52
Shares Outstanding (M)1,369.431,369.431,369.43
Fair Value$3.84$4.05$4.26
Upside / Downside-52.57%-50.02%-47.36%

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