DDM Analysis: 603909.SS

Valuation Snapshot

Stable Growth	$38.34 - $83.18	$77.96
Multi-Stage	$12.48 - $13.67	$13.07
Blended Fair Value	$45.51
Current Price	$10.61
Upside	328.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.32%	17.84%	0.08	0.05	0.06	0.07	0.09	0.14	0.10	0.03	0.02	0.03
YoY Growth	-	-	59.46%	-14.34%	-18.13%	-21.60%	-33.82%	42.07%	186.96%	96.51%	-35.91%	73.25%
Dividend Yield	-	-	0.94%	0.49%	0.51%	0.58%	0.95%	1.75%	0.90%	0.29%	0.09%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	109.04
(-) Cash Dividends Paid (M)	31.28
(=) Cash Retained (M)	77.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.81	13.63	8.18
Cash Retained (M)	77.76	77.76	77.76
(-) Cash Required (M)	-21.81	-13.63	-8.18
(=) Excess Retained (M)	55.95	64.13	69.58
(/) Shares Outstanding (M)	260.69	260.69	260.69
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.33	0.37	0.39
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.34	$77.96	$83.18
Upside / Downside	261.35%	634.74%	684.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	109.04	116.13	123.68	131.71	140.28	149.39	153.88
Payout Ratio	28.69%	40.95%	53.21%	65.47%	77.74%	90.00%	92.50%
Projected Dividends (M)	31.28	47.55	65.81	86.24	109.05	134.45	142.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	44.27	44.69	45.10
Year 2 PV (M)	57.02	58.11	59.21
Year 3 PV (M)	69.56	71.55	73.59
Year 4 PV (M)	81.87	85.02	88.26
Year 5 PV (M)	93.96	98.50	103.21
PV of Terminal Value (M)	2,907.81	3,048.26	3,194.09
Equity Value (M)	3,254.49	3,406.13	3,563.45
Shares Outstanding (M)	260.69	260.69	260.69
Fair Value	$12.48	$13.07	$13.67
Upside / Downside	17.66%	23.15%	28.84%

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Holsin Engineering Consulting Group Co.,Ltd. (603909.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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