DDM Analysis: 603090.SS

Valuation Snapshot

Stable Growth	$110.24 - $129.88	$121.71
Multi-Stage	$77.56 - $85.11	$81.27
Blended Fair Value	$101.49
Current Price	$53.03
Upside	91.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.77%	16.00%	0.33	0.33	0.33	0.02	0.13	0.12	0.10	0.20	0.07	0.30
YoY Growth	-	-	-1.10%	0.84%	1,537.57%	-84.00%	2.44%	23.60%	-50.00%	166.67%	-75.00%	300.00%
Dividend Yield	-	-	1.47%	1.44%	1.37%	0.08%	1.01%	0.71%	0.55%	1.08%	0.19%	2.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.97
(-) Cash Dividends Paid (M)	31.45
(=) Cash Retained (M)	34.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.19	8.25	4.95
Cash Retained (M)	34.52	34.52	34.52
(-) Cash Required (M)	-13.19	-8.25	-4.95
(=) Excess Retained (M)	21.32	26.27	29.57
(/) Shares Outstanding (M)	101.02	101.02	101.02
(=) Excess Retained per Share	0.21	0.26	0.29
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.21	0.26	0.29
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	1.67%	1.67%	1.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$110.24	$121.71	$129.88
Upside / Downside	107.88%	129.52%	144.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.97	70.26	74.83	79.69	84.87	90.38	93.10
Payout Ratio	47.68%	56.14%	64.61%	73.07%	81.54%	90.00%	92.50%
Projected Dividends (M)	31.45	39.44	48.34	58.23	69.20	81.35	86.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.67%	1.67%	1.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38.43	38.80	39.16
Year 2 PV (M)	45.90	46.77	47.65
Year 3 PV (M)	53.87	55.41	56.99
Year 4 PV (M)	62.37	64.77	67.24
Year 5 PV (M)	71.45	74.90	78.48
PV of Terminal Value (M)	7,563.25	7,928.56	8,307.85
Equity Value (M)	7,835.27	8,209.21	8,597.37
Shares Outstanding (M)	101.02	101.02	101.02
Fair Value	$77.56	$81.27	$85.11
Upside / Downside	46.26%	53.24%	60.49%

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Wuxi Hongsheng Heat Exchanger Manufacturing Co., Ltd. (603090.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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