DDM Analysis: 300180.SZ

Valuation Snapshot

Stable Growth	$0.38 - $0.73	$0.52
Multi-Stage	$0.35 - $0.38	$0.37
Blended Fair Value	$0.45
Current Price	$7.33
Upside	-93.91%
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	-6.05%	6.30%	0.02	0.03	0.03	0.03	0.02	0.02	0.02	0.01	0.01	0.01
YoY Growth	-	-	-45.41%	-2.25%	-7.03%	72.14%	-14.29%	26.00%	121.41%	0.00%	12.74%	-20.00%
Dividend Yield	-	-	0.25%	0.86%	0.74%	0.68%	0.34%	0.27%	0.18%	0.09%	0.08%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.53
(-) Cash Dividends Paid (M)	21.21
(=) Cash Retained (M)	21.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.51	5.32	3.19
Cash Retained (M)	21.32	21.32	21.32
(-) Cash Required (M)	-8.51	-5.32	-3.19
(=) Excess Retained (M)	12.81	16.00	18.13
(/) Shares Outstanding (M)	1,761.57	1,761.57	1,761.57
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.02	0.02	0.02
WACC / Discount Rate	9.54%	9.54%	9.54%
Growth Rate	4.30%	5.30%	6.30%
Fair Value	$0.38	$0.52	$0.73
Upside / Downside	-94.76%	-92.84%	-90.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.53	44.79	47.16	49.66	52.29	55.06	56.71
Payout Ratio	49.87%	57.90%	65.92%	73.95%	81.97%	90.00%	92.50%
Projected Dividends (M)	21.21	25.93	31.09	36.72	42.86	49.55	52.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.54%	9.54%	9.54%
Growth Rate	4.30%	5.30%	6.30%
Year 1 PV (M)	23.45	23.67	23.90
Year 2 PV (M)	25.42	25.91	26.40
Year 3 PV (M)	27.15	27.94	28.74
Year 4 PV (M)	28.66	29.77	30.92
Year 5 PV (M)	29.96	31.42	32.94
PV of Terminal Value (M)	485.10	508.80	533.43
Equity Value (M)	619.73	647.52	676.33
Shares Outstanding (M)	1,761.57	1,761.57	1,761.57
Fair Value	$0.35	$0.37	$0.38
Upside / Downside	-95.20%	-94.99%	-94.76%

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Huafon Microfibre (Shanghai) Co., Ltd. (300180.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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