DDM Analysis: 300643.SZ

Valuation Snapshot

Stable Growth	$4.93 - $6.93	$5.92
Multi-Stage	$4.25 - $4.62	$4.43
Blended Fair Value	$5.18
Current Price	$22.73
Upside	-77.22%
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	23.19%	-0.98%	0.17	0.14	0.11	0.10	0.03	0.06	0.10	0.08	0.05	0.01
YoY Growth	-	-	21.96%	32.74%	4.00%	197.62%	-43.38%	-36.66%	23.91%	47.47%	659.45%	-96.37%
Dividend Yield	-	-	1.03%	1.28%	0.78%	0.93%	0.36%	0.44%	0.92%	0.64%	0.86%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	166.02
(-) Cash Dividends Paid (M)	40.33
(=) Cash Retained (M)	125.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.20	20.75	12.45
Cash Retained (M)	125.69	125.69	125.69
(-) Cash Required (M)	-33.20	-20.75	-12.45
(=) Excess Retained (M)	92.49	104.94	113.24
(/) Shares Outstanding (M)	230.50	230.50	230.50
(=) Excess Retained per Share	0.40	0.46	0.49
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.40	0.46	0.49
(=) Adjusted Dividend	0.58	0.63	0.67
WACC / Discount Rate	17.83%	17.83%	17.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.93	$5.92	$6.93
Upside / Downside	-78.31%	-73.94%	-69.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	166.02	176.81	188.30	200.54	213.58	227.46	234.28
Payout Ratio	24.29%	37.43%	50.58%	63.72%	76.86%	90.00%	92.50%
Projected Dividends (M)	40.33	66.19	95.23	127.78	164.15	204.71	216.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	17.83%	17.83%	17.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	55.64	56.17	56.70
Year 2 PV (M)	67.31	68.59	69.89
Year 3 PV (M)	75.93	78.11	80.33
Year 4 PV (M)	82.00	85.16	88.40
Year 5 PV (M)	85.98	90.13	94.44
PV of Terminal Value (M)	613.73	643.37	674.15
Equity Value (M)	980.59	1,021.53	1,063.90
Shares Outstanding (M)	230.50	230.50	230.50
Fair Value	$4.25	$4.43	$4.62
Upside / Downside	-81.28%	-80.50%	-79.69%

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Hamaton Automotive Technology Co., Ltd (300643.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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