DDM Analysis: 300952.SZ

Valuation Snapshot

Stable Growth	$23.05 - $125.34	$44.91
Multi-Stage	$13.14 - $14.37	$13.75
Blended Fair Value	$29.33
Current Price	$30.70
Upside	-4.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	85.33%	0.00%	0.27	0.20	0.11	0.21	0.01	0.01	0.21	1.00	0.00	0.00
YoY Growth	-	-	39.55%	74.38%	-47.84%	1,401.64%	14.71%	-94.02%	-79.15%	67,884.69%	0.00%	0.00%
Dividend Yield	-	-	0.94%	0.99%	0.59%	1.21%	0.04%	0.02%	0.32%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.45
(-) Cash Dividends Paid (M)	31.50
(=) Cash Retained (M)	72.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.89	13.06	7.83
Cash Retained (M)	72.95	72.95	72.95
(-) Cash Required (M)	-20.89	-13.06	-7.83
(=) Excess Retained (M)	52.06	59.90	65.12
(/) Shares Outstanding (M)	165.74	165.74	165.74
(=) Excess Retained per Share	0.31	0.36	0.39
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.31	0.36	0.39
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.05	$44.91	$125.34
Upside / Downside	-24.92%	46.27%	308.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.45	111.24	118.47	126.18	134.38	143.11	147.40
Payout Ratio	30.16%	42.13%	54.09%	66.06%	78.03%	90.00%	92.50%
Projected Dividends (M)	31.50	46.86	64.09	83.35	104.86	128.80	136.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	43.06	43.47	43.88
Year 2 PV (M)	54.11	55.14	56.18
Year 3 PV (M)	64.67	66.52	68.42
Year 4 PV (M)	74.75	77.62	80.58
Year 5 PV (M)	84.37	88.44	92.67
PV of Terminal Value (M)	1,857.65	1,947.37	2,040.53
Equity Value (M)	2,178.60	2,278.57	2,382.25
Shares Outstanding (M)	165.74	165.74	165.74
Fair Value	$13.14	$13.75	$14.37
Upside / Downside	-57.18%	-55.22%	-53.18%

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Jiangsu Hanvo Safety Product Co., Ltd. (300952.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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