DDM Analysis: 000586.SZ

Valuation Snapshot

Stable Growth	$0.25 - $0.36	$0.31
Multi-Stage	$0.44 - $0.48	$0.46
Blended Fair Value	$0.38
Current Price	$13.80
Upside	-97.23%
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	-19.34%	0.00%	0.01	0.01	0.00	0.01	0.03	0.03	0.02	0.02	0.00	0.01
YoY Growth	-	-	29.34%	42.95%	-26.42%	-77.06%	9.39%	29.09%	22.56%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	0.10%	0.07%	0.04%	0.08%	0.39%	0.24%	0.19%	0.12%	0.00%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8.03
(-) Cash Dividends Paid (M)	3.56
(=) Cash Retained (M)	4.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.61	1.00	0.60
Cash Retained (M)	4.47	4.47	4.47
(-) Cash Required (M)	-1.61	-1.00	-0.60
(=) Excess Retained (M)	2.86	3.47	3.87
(/) Shares Outstanding (M)	195.61	195.61	195.61
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.03	0.04	0.04
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	-3.17%	-2.17%	-1.17%
Fair Value	$0.25	$0.31	$0.36
Upside / Downside	-98.16%	-97.79%	-97.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8.03	7.86	7.69	7.52	7.36	7.20	7.41
Payout Ratio	44.33%	53.47%	62.60%	71.73%	80.87%	90.00%	92.50%
Projected Dividends (M)	3.56	4.20	4.81	5.40	5.95	6.48	6.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	-3.17%	-2.17%	-1.17%
Year 1 PV (M)	3.80	3.84	3.88
Year 2 PV (M)	3.94	4.03	4.11
Year 3 PV (M)	4.00	4.13	4.26
Year 4 PV (M)	4.00	4.16	4.34
Year 5 PV (M)	3.94	4.15	4.36
PV of Terminal Value (M)	65.85	69.32	72.93
Equity Value (M)	85.53	89.62	93.88
Shares Outstanding (M)	195.61	195.61	195.61
Fair Value	$0.44	$0.46	$0.48
Upside / Downside	-96.83%	-96.68%	-96.52%

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Sichuan Huiyuan Optical Communication Co., Ltd. (000586.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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