DDM Analysis: 300792.SZ

Valuation Snapshot

Stable Growth	$2.13 - $3.00	$2.56
Multi-Stage	$3.14 - $3.45	$3.29
Blended Fair Value	$2.93
Current Price	$35.00
Upside	-91.64%
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	1.28%	0.00%	0.14	0.15	0.26	0.34	0.34	0.13	0.22	0.06	0.00	0.00
YoY Growth	-	-	-12.23%	-40.44%	-23.26%	-0.57%	167.13%	-41.18%	240.00%	9,892.89%	309.39%	0.00%
Dividend Yield	-	-	0.50%	0.80%	0.75%	0.87%	0.58%	0.15%	1.06%	0.31%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.73
(-) Cash Dividends Paid (M)	23.66
(=) Cash Retained (M)	56.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.95	9.97	5.98
Cash Retained (M)	56.07	56.07	56.07
(-) Cash Required (M)	-15.95	-9.97	-5.98
(=) Excess Retained (M)	40.12	46.10	50.09
(/) Shares Outstanding (M)	236.63	236.63	236.63
(=) Excess Retained per Share	0.17	0.19	0.21
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.17	0.19	0.21
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	10.40%	10.40%	10.40%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.13	$2.56	$3.00
Upside / Downside	-93.91%	-92.69%	-91.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.73	78.93	78.14	77.36	76.59	75.82	78.10
Payout Ratio	29.68%	41.74%	53.81%	65.87%	77.94%	90.00%	92.50%
Projected Dividends (M)	23.66	32.95	42.05	50.96	59.69	68.24	72.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.40%	10.40%	10.40%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	29.54	29.84	30.14
Year 2 PV (M)	33.80	34.50	35.20
Year 3 PV (M)	36.73	37.87	39.03
Year 4 PV (M)	38.58	40.18	41.83
Year 5 PV (M)	39.55	41.61	43.75
PV of Terminal Value (M)	565.73	595.19	625.87
Equity Value (M)	743.94	779.19	815.82
Shares Outstanding (M)	236.63	236.63	236.63
Fair Value	$3.14	$3.29	$3.45
Upside / Downside	-91.02%	-90.59%	-90.15%

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Hangzhou Onechance Tech Crop. (300792.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener