DDM Analysis: 002358.SZ

Valuation Snapshot

Stable Growth	$3.08 - $9.98	$4.99
Multi-Stage	$3.07 - $3.36	$3.22
Blended Fair Value	$4.10
Current Price	$4.94
Upside	-16.94%
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	-10.71%	2.60%	0.15	0.13	0.12	0.13	0.13	0.26	0.28	0.17	0.16	0.19
YoY Growth	-	-	17.89%	4.15%	-4.86%	-4.84%	-48.95%	-6.92%	63.60%	7.15%	-14.66%	63.57%
Dividend Yield	-	-	2.62%	3.10%	2.49%	4.19%	3.68%	4.41%	1.89%	1.00%	0.75%	1.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	101.83
(-) Cash Dividends Paid (M)	76.14
(=) Cash Retained (M)	25.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.37	12.73	7.64
Cash Retained (M)	25.69	25.69	25.69
(-) Cash Required (M)	-20.37	-12.73	-7.64
(=) Excess Retained (M)	5.32	12.96	18.05
(/) Shares Outstanding (M)	870.00	870.00	870.00
(=) Excess Retained per Share	0.01	0.01	0.02
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.01	0.01	0.02
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.51%	4.51%	5.51%
Fair Value	$3.08	$4.99	$9.98
Upside / Downside	-37.61%	1.02%	101.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	101.83	106.42	111.22	116.24	121.49	126.97	130.78
Payout Ratio	74.78%	77.82%	80.87%	83.91%	86.96%	90.00%	92.50%
Projected Dividends (M)	76.14	82.82	89.94	97.54	105.64	114.27	120.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.51%	4.51%	5.51%
Year 1 PV (M)	76.90	77.65	78.39
Year 2 PV (M)	77.56	79.06	80.58
Year 3 PV (M)	78.10	80.39	82.72
Year 4 PV (M)	78.55	81.63	84.80
Year 5 PV (M)	78.91	82.79	86.83
PV of Terminal Value (M)	2,284.17	2,396.66	2,513.53
Equity Value (M)	2,674.20	2,798.18	2,926.86
Shares Outstanding (M)	870.00	870.00	870.00
Fair Value	$3.07	$3.22	$3.36
Upside / Downside	-37.78%	-34.89%	-31.90%

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Henan Senyuan Electric Co., Ltd. (002358.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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