DDM Analysis: 600487.SS

Valuation Snapshot

Stable Growth	$72.53 - $231.19	$216.66
Multi-Stage	$30.74 - $33.64	$32.16
Blended Fair Value	$124.41
Current Price	$22.97
Upside	441.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.01%	8.18%	0.34	0.24	0.17	0.27	0.37	0.50	0.29	0.18	0.19	0.14
YoY Growth	-	-	42.56%	40.01%	-35.04%	-27.68%	-25.84%	72.02%	64.59%	-9.06%	36.54%	-10.21%
Dividend Yield	-	-	2.07%	1.89%	1.14%	2.05%	3.00%	3.06%	1.32%	0.65%	1.05%	1.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,829.84
(-) Cash Dividends Paid (M)	961.25
(=) Cash Retained (M)	1,868.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	565.97	353.73	212.24
Cash Retained (M)	1,868.59	1,868.59	1,868.59
(-) Cash Required (M)	-565.97	-353.73	-212.24
(=) Excess Retained (M)	1,302.62	1,514.86	1,656.35
(/) Shares Outstanding (M)	2,434.25	2,434.25	2,434.25
(=) Excess Retained per Share	0.54	0.62	0.68
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.54	0.62	0.68
(=) Adjusted Dividend	0.93	1.02	1.08
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$72.53	$216.66	$231.19
Upside / Downside	215.74%	843.24%	906.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,829.84	3,013.78	3,209.67	3,418.30	3,640.49	3,877.12	3,993.44
Payout Ratio	33.97%	45.17%	56.38%	67.59%	78.79%	90.00%	92.50%
Projected Dividends (M)	961.25	1,361.46	1,809.64	2,310.34	2,868.48	3,489.41	3,693.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,262.18	1,274.15	1,286.11
Year 2 PV (M)	1,555.35	1,584.97	1,614.87
Year 3 PV (M)	1,840.88	1,893.73	1,947.57
Year 4 PV (M)	2,118.94	2,200.43	2,284.24
Year 5 PV (M)	2,389.66	2,505.08	2,624.92
PV of Terminal Value (M)	65,658.53	68,829.86	72,122.57
Equity Value (M)	74,825.54	78,288.21	81,880.29
Shares Outstanding (M)	2,434.25	2,434.25	2,434.25
Fair Value	$30.74	$32.16	$33.64
Upside / Downside	33.82%	40.01%	46.44%

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Hengtong Optic-Electric Co., Ltd. (600487.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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