DDM Analysis: 300432.SZ

Valuation Snapshot

Stable Growth	$5.61 - $12.57	$8.12
Multi-Stage	$4.12 - $4.50	$4.31
Blended Fair Value	$6.22
Current Price	$22.22
Upside	-72.03%
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	34.99%	14.57%	0.02	0.18	0.02	0.00	0.00	0.00	0.07	0.11	0.05	0.02
YoY Growth	-	-	-88.25%	643.31%	1,127.67%	0.00%	-100.00%	-93.45%	-32.91%	102.60%	120.00%	344.28%
Dividend Yield	-	-	0.15%	3.27%	0.25%	0.02%	0.00%	0.20%	3.69%	2.43%	0.74%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	411.16
(-) Cash Dividends Paid (M)	156.48
(=) Cash Retained (M)	254.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	82.23	51.40	30.84
Cash Retained (M)	254.68	254.68	254.68
(-) Cash Required (M)	-82.23	-51.40	-30.84
(=) Excess Retained (M)	172.45	203.29	223.84
(/) Shares Outstanding (M)	1,465.34	1,465.34	1,465.34
(=) Excess Retained per Share	0.12	0.14	0.15
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.12	0.14	0.15
(=) Adjusted Dividend	0.22	0.25	0.26
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.61	$8.12	$12.57
Upside / Downside	-74.74%	-63.45%	-43.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	411.16	437.89	466.35	496.66	528.95	563.33	580.23
Payout Ratio	38.06%	48.45%	58.84%	69.22%	79.61%	90.00%	92.50%
Projected Dividends (M)	156.48	212.14	274.38	343.81	421.10	507.00	536.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	191.54	193.35	195.17
Year 2 PV (M)	223.66	227.92	232.22
Year 3 PV (M)	253.03	260.30	267.70
Year 4 PV (M)	279.81	290.57	301.64
Year 5 PV (M)	304.16	318.85	334.11
PV of Terminal Value (M)	4,792.02	5,023.47	5,263.79
Equity Value (M)	6,044.22	6,314.47	6,594.62
Shares Outstanding (M)	1,465.34	1,465.34	1,465.34
Fair Value	$4.12	$4.31	$4.50
Upside / Downside	-81.44%	-80.61%	-79.75%

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Mianyang Fulin Precision Co.,Ltd. (300432.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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