DDM Analysis: 002402.SZ

Valuation Snapshot

Stable Growth	$21.32 - $104.11	$37.92
Multi-Stage	$12.79 - $13.99	$13.38
Blended Fair Value	$25.65
Current Price	$49.83
Upside	-48.52%
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	27.66%	19.82%	0.20	0.17	0.12	0.12	0.07	0.06	0.03	0.00	0.05	0.02
YoY Growth	-	-	19.31%	42.78%	-0.92%	65.08%	21.69%	105.02%	3,086.94%	-98.35%	196.92%	-43.73%
Dividend Yield	-	-	1.01%	1.39%	0.69%	0.67%	0.35%	0.49%	0.29%	0.01%	0.51%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	611.83
(-) Cash Dividends Paid (M)	113.23
(=) Cash Retained (M)	498.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.37	76.48	45.89
Cash Retained (M)	498.60	498.60	498.60
(-) Cash Required (M)	-122.37	-76.48	-45.89
(=) Excess Retained (M)	376.24	422.12	452.72
(/) Shares Outstanding (M)	919.12	919.12	919.12
(=) Excess Retained per Share	0.41	0.46	0.49
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.41	0.46	0.49
(=) Adjusted Dividend	0.53	0.58	0.62
WACC / Discount Rate	8.14%	8.14%	8.14%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.32	$37.92	$104.11
Upside / Downside	-57.22%	-23.90%	108.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	611.83	651.60	693.95	739.06	787.10	838.26	863.41
Payout Ratio	18.51%	32.80%	47.10%	61.40%	75.70%	90.00%	92.50%
Projected Dividends (M)	113.23	213.76	326.88	453.80	595.84	754.43	798.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.14%	8.14%	8.14%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	195.82	197.67	199.53
Year 2 PV (M)	274.32	279.54	284.81
Year 3 PV (M)	348.87	358.89	369.09
Year 4 PV (M)	419.63	435.77	452.36
Year 5 PV (M)	486.73	510.24	534.65
PV of Terminal Value (M)	10,032.68	10,517.26	11,020.39
Equity Value (M)	11,758.04	12,299.37	12,860.84
Shares Outstanding (M)	919.12	919.12	919.12
Fair Value	$12.79	$13.38	$13.99
Upside / Downside	-74.33%	-73.15%	-71.92%

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Shenzhen H&T Intelligent Control Co., Ltd. (002402.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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