DDM Analysis: 300176.SZ

Valuation Snapshot

Stable Growth	$10.83 - $12.77	$11.96
Multi-Stage	$7.10 - $7.83	$7.46
Blended Fair Value	$9.71
Current Price	$7.15
Upside	35.79%
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	-4.58%	10.02%	0.07	0.09	0.08	0.06	0.09	0.09	0.33	0.06	0.03	0.01
YoY Growth	-	-	-16.75%	14.85%	19.51%	-27.29%	-4.82%	-72.50%	497.50%	100.00%	100.00%	-50.00%
Dividend Yield	-	-	1.04%	1.56%	1.14%	1.14%	1.39%	1.31%	0.70%	0.14%	0.18%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.04
(-) Cash Dividends Paid (M)	19.33
(=) Cash Retained (M)	6.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.21	3.25	1.95
Cash Retained (M)	6.71	6.71	6.71
(-) Cash Required (M)	-5.21	-3.25	-1.95
(=) Excess Retained (M)	1.50	3.45	4.75
(/) Shares Outstanding (M)	387.58	387.58	387.58
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.05	0.06	0.06
WACC / Discount Rate	-0.52%	-0.52%	-0.52%
Growth Rate	0.73%	1.73%	2.73%
Fair Value	$10.83	$11.96	$12.77
Upside / Downside	51.43%	67.27%	78.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.04	26.49	26.95	27.41	27.88	28.37	29.22
Payout Ratio	74.24%	77.39%	80.54%	83.70%	86.85%	90.00%	92.50%
Projected Dividends (M)	19.33	20.50	21.70	22.94	24.22	25.53	27.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.52%	-0.52%	-0.52%
Growth Rate	0.73%	1.73%	2.73%
Year 1 PV (M)	20.40	20.61	20.81
Year 2 PV (M)	21.50	21.93	22.36
Year 3 PV (M)	22.62	23.30	24.00
Year 4 PV (M)	23.77	24.73	25.72
Year 5 PV (M)	24.94	26.21	27.52
PV of Terminal Value (M)	2,640.41	2,774.11	2,913.17
Equity Value (M)	2,753.66	2,890.88	3,033.57
Shares Outstanding (M)	387.58	387.58	387.58
Fair Value	$7.10	$7.46	$7.83
Upside / Downside	-0.63%	4.32%	9.47%

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GuangDong HongTeo Technology Co.,Ltd. Class A (300176.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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