DDM Analysis: 002116.SZ

Valuation Snapshot

Stable Growth	$14.69 - $32.21	$21.10
Multi-Stage	$20.00 - $21.94	$20.95
Blended Fair Value	$21.03
Current Price	$10.13
Upside	107.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.12%	8.22%	0.27	0.17	0.13	0.08	0.06	0.23	0.20	0.18	0.27	0.14
YoY Growth	-	-	53.74%	32.62%	70.63%	23.45%	-72.85%	13.90%	10.00%	-32.87%	100.31%	12.11%
Dividend Yield	-	-	2.67%	1.65%	1.20%	0.77%	0.96%	3.02%	1.77%	1.92%	1.77%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	356.74
(-) Cash Dividends Paid (M)	144.25
(=) Cash Retained (M)	212.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	71.35	44.59	26.76
Cash Retained (M)	212.49	212.49	212.49
(-) Cash Required (M)	-71.35	-44.59	-26.76
(=) Excess Retained (M)	141.15	167.90	185.74
(/) Shares Outstanding (M)	458.55	458.55	458.55
(=) Excess Retained per Share	0.31	0.37	0.41
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.31	0.37	0.41
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	2.09%	3.09%	4.09%
Fair Value	$14.69	$21.10	$32.21
Upside / Downside	45.01%	108.31%	217.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	356.74	367.78	379.16	390.89	402.99	415.46	427.92
Payout Ratio	40.43%	50.35%	60.26%	70.17%	80.09%	90.00%	92.50%
Projected Dividends (M)	144.25	185.17	228.48	274.30	322.74	373.91	395.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	2.09%	3.09%	4.09%
Year 1 PV (M)	172.31	174.00	175.68
Year 2 PV (M)	197.85	201.75	205.68
Year 3 PV (M)	221.04	227.59	234.28
Year 4 PV (M)	242.01	251.63	261.53
Year 5 PV (M)	260.91	273.94	287.48
PV of Terminal Value (M)	8,075.53	8,478.85	8,898.12
Equity Value (M)	9,169.64	9,607.76	10,062.79
Shares Outstanding (M)	458.55	458.55	458.55
Fair Value	$20.00	$20.95	$21.94
Upside / Downside	97.41%	106.84%	116.63%

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China Haisum Engineering Co., Ltd. (002116.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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