DDM Analysis: 002926.SZ

Valuation Snapshot

Stable Growth	$6.79 - $11.31	$8.78
Multi-Stage	$11.79 - $12.96	$12.36
Blended Fair Value	$10.57
Current Price	$10.27
Upside	2.93%
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	6.17%	31.88%	0.30	0.32	0.39	0.35	0.29	0.22	0.21	0.34	0.37	0.04
YoY Growth	-	-	-6.93%	-16.99%	11.90%	21.16%	28.77%	6.16%	-38.85%	-6.30%	717.76%	137.26%
Dividend Yield	-	-	3.45%	4.31%	4.74%	4.15%	2.89%	2.12%	1.70%	2.56%	2.69%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,533.21
(-) Cash Dividends Paid (M)	476.99
(=) Cash Retained (M)	1,056.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	306.64	191.65	114.99
Cash Retained (M)	1,056.22	1,056.22	1,056.22
(-) Cash Required (M)	-306.64	-191.65	-114.99
(=) Excess Retained (M)	749.58	864.57	941.23
(/) Shares Outstanding (M)	2,646.58	2,646.58	2,646.58
(=) Excess Retained per Share	0.28	0.33	0.36
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.28	0.33	0.36
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	0.04%	1.04%	2.04%
Fair Value	$6.79	$8.78	$11.31
Upside / Downside	-33.93%	-14.50%	10.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,533.21	1,549.15	1,565.27	1,581.55	1,598.00	1,614.63	1,663.07
Payout Ratio	31.11%	42.89%	54.67%	66.44%	78.22%	90.00%	92.50%
Projected Dividends (M)	476.99	664.41	855.68	1,050.85	1,249.99	1,453.16	1,538.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	0.04%	1.04%	2.04%
Year 1 PV (M)	615.53	621.68	627.83
Year 2 PV (M)	734.40	749.15	764.06
Year 3 PV (M)	835.55	860.86	886.68
Year 4 PV (M)	920.77	958.14	996.64
Year 5 PV (M)	991.68	1,042.24	1,094.85
PV of Terminal Value (M)	27,103.50	28,485.49	29,923.28
Equity Value (M)	31,201.43	32,717.57	34,293.33
Shares Outstanding (M)	2,646.58	2,646.58	2,646.58
Fair Value	$11.79	$12.36	$12.96
Upside / Downside	14.79%	20.37%	26.17%

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HUAXI Securities Co., Ltd. (002926.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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