Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

XiaMen HongXin Electron-tech Group Co.,Ltd (300657.SZ)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$26.92 - $31.71$29.72
Multi-Stage$19.55 - $21.45$20.48
Blended Fair Value$25.10
Current Price$33.17
Upside-24.32%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.89%0.10%0.070.080.090.140.120.100.120.090.060.05
YoY Growth---9.54%-8.32%-36.29%11.81%24.96%-18.65%29.40%63.05%12.55%-29.15%
Dividend Yield--0.21%0.42%0.60%1.28%0.95%0.73%0.88%0.73%1.74%1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)92.63
(-) Cash Dividends Paid (M)32.72
(=) Cash Retained (M)59.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.5311.586.95
Cash Retained (M)59.9159.9159.91
(-) Cash Required (M)-18.53-11.58-6.95
(=) Excess Retained (M)41.3848.3352.96
(/) Shares Outstanding (M)580.91580.91580.91
(=) Excess Retained per Share0.070.080.09
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.070.080.09
(=) Adjusted Dividend0.130.140.15
WACC / Discount Rate0.97%0.97%0.97%
Growth Rate5.50%6.50%7.50%
Fair Value$26.92$29.72$31.71
Upside / Downside-18.85%-10.40%-4.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)92.6398.65105.06111.89119.17126.91130.72
Payout Ratio35.33%46.26%57.20%68.13%79.07%90.00%92.50%
Projected Dividends (M)32.7245.6460.0976.2394.22114.22120.91

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate0.97%0.97%0.97%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)44.7745.2045.62
Year 2 PV (M)57.8458.9460.06
Year 3 PV (M)71.9974.0676.16
Year 4 PV (M)87.2990.6594.10
Year 5 PV (M)103.82108.84114.04
PV of Terminal Value (M)10,990.8711,521.7412,072.92
Equity Value (M)11,356.6011,899.4212,462.91
Shares Outstanding (M)580.91580.91580.91
Fair Value$19.55$20.48$21.45
Upside / Downside-41.06%-38.24%-35.32%

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