DDM Analysis: 300033.SZ

Valuation Snapshot

Stable Growth	$90.70 - $209.59	$132.65
Multi-Stage	$68.53 - $74.64	$71.53
Blended Fair Value	$102.09
Current Price	$371.77
Upside	-72.54%
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	38.39%	66.37%	2.41	2.24	1.78	1.19	0.84	0.48	0.89	0.89	0.73	0.04
YoY Growth	-	-	7.65%	25.74%	50.00%	41.18%	77.08%	-46.67%	0.00%	21.62%	1,750.00%	166.67%
Dividend Yield	-	-	0.85%	1.65%	0.87%	1.24%	0.71%	0.44%	0.81%	1.72%	1.16%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,378.50
(-) Cash Dividends Paid (M)	1,666.58
(=) Cash Retained (M)	711.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	475.70	297.31	178.39
Cash Retained (M)	711.92	711.92	711.92
(-) Cash Required (M)	-475.70	-297.31	-178.39
(=) Excess Retained (M)	236.22	414.61	533.53
(/) Shares Outstanding (M)	542.42	542.42	542.42
(=) Excess Retained per Share	0.44	0.76	0.98
LTM Dividend per Share	3.07	3.07	3.07
(+) Excess Retained per Share	0.44	0.76	0.98
(=) Adjusted Dividend	3.51	3.84	4.06
WACC / Discount Rate	9.58%	9.58%	9.58%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$90.70	$132.65	$209.59
Upside / Downside	-75.60%	-64.32%	-43.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,378.50	2,533.11	2,697.76	2,873.11	3,059.86	3,258.76	3,356.52
Payout Ratio	70.07%	74.05%	78.04%	82.03%	86.01%	90.00%	92.50%
Projected Dividends (M)	1,666.58	1,875.89	2,105.36	2,356.74	2,631.90	2,932.88	3,104.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.58%	9.58%	9.58%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,695.81	1,711.88	1,727.96
Year 2 PV (M)	1,720.55	1,753.32	1,786.40
Year 3 PV (M)	1,741.09	1,791.07	1,842.00
Year 4 PV (M)	1,757.72	1,825.32	1,894.85
Year 5 PV (M)	1,770.70	1,856.22	1,945.02
PV of Terminal Value (M)	28,485.88	29,861.76	31,290.30
Equity Value (M)	37,171.75	38,799.58	40,486.52
Shares Outstanding (M)	542.42	542.42	542.42
Fair Value	$68.53	$71.53	$74.64
Upside / Downside	-81.57%	-80.76%	-79.92%

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Hithink RoyalFlush Information Network Co., Ltd. (300033.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener