DDM Analysis: 688789.SS

Valuation Snapshot

Stable Growth	$53.99 - $119.29	$77.76
Multi-Stage	$39.40 - $43.01	$41.17
Blended Fair Value	$59.46
Current Price	$84.60
Upside	-29.71%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2011	2010
DPS	0.00%	17.35%	0.55	0.45	0.39	0.01	0.00	0.00	0.16	0.34	0.00	0.11
YoY Growth	-	-	22.41%	13.36%	2,943.98%	593.13%	0.00%	-100.00%	-53.02%	13,365.17%	-97.74%	1.51%
Dividend Yield	-	-	0.72%	0.59%	0.50%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	492.15
(-) Cash Dividends Paid (M)	141.06
(=) Cash Retained (M)	351.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.43	61.52	36.91
Cash Retained (M)	351.09	351.09	351.09
(-) Cash Required (M)	-98.43	-61.52	-36.91
(=) Excess Retained (M)	252.66	289.57	314.18
(/) Shares Outstanding (M)	179.57	179.57	179.57
(=) Excess Retained per Share	1.41	1.61	1.75
LTM Dividend per Share	0.79	0.79	0.79
(+) Excess Retained per Share	1.41	1.61	1.75
(=) Adjusted Dividend	2.19	2.40	2.54
WACC / Discount Rate	9.78%	9.78%	9.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$53.99	$77.76	$119.29
Upside / Downside	-36.18%	-8.09%	41.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	492.15	524.14	558.21	594.49	633.13	674.29	694.52
Payout Ratio	28.66%	40.93%	53.20%	65.46%	77.73%	90.00%	92.50%
Projected Dividends (M)	141.06	214.53	296.95	389.18	492.15	606.86	642.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.78%	9.78%	9.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	193.58	195.41	197.24
Year 2 PV (M)	241.77	246.38	251.03
Year 3 PV (M)	285.92	294.12	302.49
Year 4 PV (M)	326.25	338.79	351.70
Year 5 PV (M)	362.99	380.52	398.73
PV of Terminal Value (M)	5,663.84	5,937.41	6,221.44
Equity Value (M)	7,074.34	7,392.64	7,722.63
Shares Outstanding (M)	179.57	179.57	179.57
Fair Value	$39.40	$41.17	$43.01
Upside / Downside	-53.43%	-51.34%	-49.16%

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Hangzhou Honghua Digital Technology Stock Company Ltd. (688789.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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