DDM Analysis: 300007.SZ

Valuation Snapshot

Stable Growth	$3.11 - $5.30	$4.06
Multi-Stage	$3.69 - $4.03	$3.86
Blended Fair Value	$3.96
Current Price	$63.57
Upside	-93.78%
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	4.38%	19.12%	0.22	0.20	0.18	0.18	0.17	0.18	0.21	0.15	0.14	0.11
YoY Growth	-	-	13.94%	11.13%	-3.97%	10.30%	-7.63%	-13.12%	36.03%	6.72%	29.67%	183.90%
Dividend Yield	-	-	0.60%	1.22%	0.95%	0.96%	1.07%	1.39%	1.36%	1.02%	0.76%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.73
(-) Cash Dividends Paid (M)	40.27
(=) Cash Retained (M)	41.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.35	10.22	6.13
Cash Retained (M)	41.46	41.46	41.46
(-) Cash Required (M)	-16.35	-10.22	-6.13
(=) Excess Retained (M)	25.12	31.25	35.33
(/) Shares Outstanding (M)	333.08	333.08	333.08
(=) Excess Retained per Share	0.08	0.09	0.11
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.08	0.09	0.11
(=) Adjusted Dividend	0.20	0.21	0.23
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	2.38%	3.38%	4.38%
Fair Value	$3.11	$4.06	$5.30
Upside / Downside	-95.12%	-93.62%	-91.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.73	84.49	87.34	90.29	93.34	96.49	99.39
Payout Ratio	49.27%	57.42%	65.56%	73.71%	81.85%	90.00%	92.50%
Projected Dividends (M)	40.27	48.51	57.26	66.55	76.40	86.85	91.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	2.38%	3.38%	4.38%
Year 1 PV (M)	44.14	44.57	45.00
Year 2 PV (M)	47.40	48.33	49.27
Year 3 PV (M)	50.12	51.60	53.12
Year 4 PV (M)	52.35	54.43	56.56
Year 5 PV (M)	54.14	56.84	59.64
PV of Terminal Value (M)	979.81	1,028.61	1,079.33
Equity Value (M)	1,227.96	1,284.38	1,342.92
Shares Outstanding (M)	333.08	333.08	333.08
Fair Value	$3.69	$3.86	$4.03
Upside / Downside	-94.20%	-93.93%	-93.66%

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Hanwei Electronics Group Corporation (300007.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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