DDM Analysis: 600570.SS

Valuation Snapshot

Stable Growth	$12.78 - $31.74	$19.14
Multi-Stage	$8.91 - $9.74	$9.32
Blended Fair Value	$14.23
Current Price	$34.52
Upside	-58.78%
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	5.88%	10.28%	0.14	0.14	0.08	0.06	0.23	0.11	0.10	0.03	0.09	0.06
YoY Growth	-	-	6.57%	68.89%	40.03%	-75.48%	115.31%	10.34%	190.00%	-61.54%	44.44%	12.50%
Dividend Yield	-	-	0.51%	0.58%	0.15%	0.17%	0.50%	0.29%	0.31%	0.17%	0.64%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,052.90
(-) Cash Dividends Paid (M)	247.33
(=) Cash Retained (M)	805.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	210.58	131.61	78.97
Cash Retained (M)	805.57	805.57	805.57
(-) Cash Required (M)	-210.58	-131.61	-78.97
(=) Excess Retained (M)	594.99	673.96	726.60
(/) Shares Outstanding (M)	1,827.82	1,827.82	1,827.82
(=) Excess Retained per Share	0.33	0.37	0.40
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.33	0.37	0.40
(=) Adjusted Dividend	0.46	0.50	0.53
WACC / Discount Rate	9.30%	9.30%	9.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.78	$19.14	$31.74
Upside / Downside	-62.98%	-44.55%	-8.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,052.90	1,121.33	1,194.22	1,271.84	1,354.51	1,442.56	1,485.83
Payout Ratio	23.49%	36.79%	50.09%	63.40%	76.70%	90.00%	92.50%
Projected Dividends (M)	247.33	412.56	598.23	806.30	1,038.89	1,298.30	1,374.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.30%	9.30%	9.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	373.90	377.44	380.99
Year 2 PV (M)	491.36	500.72	510.17
Year 3 PV (M)	600.19	617.42	634.98
Year 4 PV (M)	700.86	727.81	755.53
Year 5 PV (M)	793.78	832.12	871.93
PV of Terminal Value (M)	13,328.91	13,972.70	14,641.13
Equity Value (M)	16,289.00	17,028.22	17,794.73
Shares Outstanding (M)	1,827.82	1,827.82	1,827.82
Fair Value	$8.91	$9.32	$9.74
Upside / Downside	-74.18%	-73.01%	-71.80%

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Hundsun Technologies Inc. (600570.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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