DDM Analysis: 002988.SZ

Valuation Snapshot

Stable Growth	$125.82 - $148.23	$138.92
Multi-Stage	$76.27 - $83.66	$79.89
Blended Fair Value	$109.41
Current Price	$40.25
Upside	171.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.38%	0.00%	0.52	0.30	0.21	0.41	0.21	0.19	0.24	0.24	0.20	0.00
YoY Growth	-	-	71.89%	43.91%	-49.02%	101.10%	8.25%	-20.08%	0.51%	21.13%	0.00%	0.00%
Dividend Yield	-	-	2.18%	1.44%	1.20%	2.84%	1.39%	1.21%	1.51%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	180.75
(-) Cash Dividends Paid (M)	119.54
(=) Cash Retained (M)	61.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.15	22.59	13.56
Cash Retained (M)	61.21	61.21	61.21
(-) Cash Required (M)	-36.15	-22.59	-13.56
(=) Excess Retained (M)	25.06	38.62	47.66
(/) Shares Outstanding (M)	242.50	242.50	242.50
(=) Excess Retained per Share	0.10	0.16	0.20
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	0.10	0.16	0.20
(=) Adjusted Dividend	0.60	0.65	0.69
WACC / Discount Rate	4.04%	4.04%	4.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$125.82	$138.92	$148.23
Upside / Downside	212.59%	245.13%	268.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	180.75	192.50	205.01	218.34	232.53	247.65	255.08
Payout Ratio	66.13%	70.91%	75.68%	80.45%	85.23%	90.00%	92.50%
Projected Dividends (M)	119.54	136.50	155.15	175.66	198.18	222.88	235.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.04%	4.04%	4.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	129.96	131.20	132.43
Year 2 PV (M)	140.66	143.34	146.04
Year 3 PV (M)	151.63	155.98	160.41
Year 4 PV (M)	162.87	169.14	175.58
Year 5 PV (M)	174.41	182.83	191.58
PV of Terminal Value (M)	17,735.45	18,592.08	19,481.49
Equity Value (M)	18,494.97	19,374.55	20,287.53
Shares Outstanding (M)	242.50	242.50	242.50
Fair Value	$76.27	$79.89	$83.66
Upside / Downside	89.48%	98.49%	107.85%

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Guangdong Haomei New Material Co., Ltd. (002988.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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