DDM Analysis: 605580.SS

Valuation Snapshot

Stable Growth	$5.02 - $8.33	$6.48
Multi-Stage	$9.95 - $10.93	$10.43
Blended Fair Value	$8.45
Current Price	$27.93
Upside	-69.73%
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	13.82%	0.00%	0.38	0.45	0.37	0.02	0.23	0.20	0.19	0.05	0.06	0.07
YoY Growth	-	-	-14.63%	21.11%	1,722.55%	-91.08%	13.70%	4.30%	258.14%	-10.35%	-11.40%	0.00%
Dividend Yield	-	-	3.35%	4.41%	3.44%	0.22%	2.65%	2.33%	2.23%	0.62%	0.70%	0.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	121.55
(-) Cash Dividends Paid (M)	82.36
(=) Cash Retained (M)	39.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.31	15.19	9.12
Cash Retained (M)	39.18	39.18	39.18
(-) Cash Required (M)	-24.31	-15.19	-9.12
(=) Excess Retained (M)	14.87	23.99	30.07
(/) Shares Outstanding (M)	278.47	278.47	278.47
(=) Excess Retained per Share	0.05	0.09	0.11
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.05	0.09	0.11
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-0.43%	0.57%	1.57%
Fair Value	$5.02	$6.48	$8.33
Upside / Downside	-82.02%	-76.79%	-70.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	121.55	122.24	122.93	123.63	124.33	125.04	128.79
Payout Ratio	67.76%	72.21%	76.66%	81.11%	85.55%	90.00%	92.50%
Projected Dividends (M)	82.36	88.27	94.24	100.27	106.37	112.54	119.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-0.43%	0.57%	1.57%
Year 1 PV (M)	82.06	82.89	83.71
Year 2 PV (M)	81.45	83.10	84.76
Year 3 PV (M)	80.57	83.02	85.53
Year 4 PV (M)	79.46	82.70	86.04
Year 5 PV (M)	78.16	82.16	86.33
PV of Terminal Value (M)	2,368.41	2,489.76	2,616.03
Equity Value (M)	2,770.12	2,903.64	3,042.40
Shares Outstanding (M)	278.47	278.47	278.47
Fair Value	$9.95	$10.43	$10.93
Upside / Downside	-64.38%	-62.67%	-60.88%

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Hengsheng Energy Co., Ltd (605580.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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