DDM Analysis: 002508.SZ

Valuation Snapshot

Stable Growth	$144.94 - $322.62	$302.34
Multi-Stage	$48.14 - $52.70	$50.38
Blended Fair Value	$176.36
Current Price	$19.08
Upside	824.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.32%	27.20%	1.50	0.50	0.50	0.50	0.50	0.80	0.75	0.39	0.31	0.17
YoY Growth	-	-	198.78%	0.49%	-0.17%	-0.23%	-37.50%	6.67%	95.00%	24.99%	80.23%	26.58%
Dividend Yield	-	-	6.62%	2.05%	1.76%	1.72%	1.38%	2.83%	2.15%	1.05%	0.81%	0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,532.55
(-) Cash Dividends Paid (M)	473.66
(=) Cash Retained (M)	1,058.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	306.51	191.57	114.94
Cash Retained (M)	1,058.88	1,058.88	1,058.88
(-) Cash Required (M)	-306.51	-191.57	-114.94
(=) Excess Retained (M)	752.37	867.32	943.94
(/) Shares Outstanding (M)	944.72	944.72	944.72
(=) Excess Retained per Share	0.80	0.92	1.00
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.80	0.92	1.00
(=) Adjusted Dividend	1.30	1.42	1.50
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$144.94	$302.34	$322.62
Upside / Downside	659.63%	1,484.59%	1,590.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,532.55	1,632.16	1,738.25	1,851.24	1,971.57	2,099.72	2,162.71
Payout Ratio	30.91%	42.73%	54.54%	66.36%	78.18%	90.00%	92.50%
Projected Dividends (M)	473.66	697.35	948.11	1,228.53	1,541.40	1,889.75	2,000.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	648.98	655.13	661.28
Year 2 PV (M)	821.14	836.78	852.57
Year 3 PV (M)	990.20	1,018.63	1,047.59
Year 4 PV (M)	1,156.20	1,200.66	1,246.39
Year 5 PV (M)	1,319.17	1,382.88	1,449.04
PV of Terminal Value (M)	40,540.61	42,498.74	44,531.81
Equity Value (M)	45,476.30	47,592.82	49,788.68
Shares Outstanding (M)	944.72	944.72	944.72
Fair Value	$48.14	$50.38	$52.70
Upside / Downside	152.29%	164.03%	176.21%

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Hangzhou Robam Appliances Co., Ltd. (002508.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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