DDM Analysis: 300969.SZ

Valuation Snapshot

Stable Growth	$38.10 - $80.75	$54.07
Multi-Stage	$27.82 - $30.39	$29.08
Blended Fair Value	$41.58
Current Price	$128.79
Upside	-67.72%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	200.54%	0.00%	0.36	0.23	0.23	0.23	0.00	0.00	1.82	0.00	0.00	0.00
YoY Growth	-	-	59.72%	-0.16%	0.34%	0.00%	-100.00%	-99.92%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.59%	0.38%	0.49%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	179.26
(-) Cash Dividends Paid (M)	32.00
(=) Cash Retained (M)	147.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.85	22.41	13.44
Cash Retained (M)	147.26	147.26	147.26
(-) Cash Required (M)	-35.85	-22.41	-13.44
(=) Excess Retained (M)	111.40	124.85	133.81
(/) Shares Outstanding (M)	88.19	88.19	88.19
(=) Excess Retained per Share	1.26	1.42	1.52
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	1.26	1.42	1.52
(=) Adjusted Dividend	1.63	1.78	1.88
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.10	$54.07	$80.75
Upside / Downside	-70.42%	-58.01%	-37.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	179.26	190.91	203.32	216.53	230.61	245.60	252.96
Payout Ratio	17.85%	32.28%	46.71%	61.14%	75.57%	90.00%	92.50%
Projected Dividends (M)	32.00	61.63	94.97	132.39	174.27	221.04	233.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	55.50	56.02	56.55
Year 2 PV (M)	77.02	78.48	79.97
Year 3 PV (M)	96.68	99.46	102.29
Year 4 PV (M)	114.61	119.02	123.55
Year 5 PV (M)	130.91	137.23	143.79
PV of Terminal Value (M)	1,978.89	2,074.47	2,173.71
Equity Value (M)	2,453.60	2,564.68	2,679.85
Shares Outstanding (M)	88.19	88.19	88.19
Fair Value	$27.82	$29.08	$30.39
Upside / Downside	-78.40%	-77.42%	-76.41%

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NINGBO HENGSHUAI Co., Ltd. (300969.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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