DDM Analysis: 002228.SZ

Valuation Snapshot

Stable Growth	$2.25 - $6.60	$3.55
Multi-Stage	$1.50 - $1.64	$1.57
Blended Fair Value	$2.56
Current Price	$3.19
Upside	-19.74%
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	9.36%	9.11%	0.15	0.16	0.20	0.15	0.12	0.09	0.13	0.09	0.09	0.07
YoY Growth	-	-	-7.97%	-18.95%	29.70%	27.70%	26.60%	-29.11%	43.15%	-2.07%	34.46%	14.40%
Dividend Yield	-	-	4.82%	5.62%	5.84%	4.10%	3.12%	2.82%	2.09%	2.15%	1.81%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	108.75
(-) Cash Dividends Paid (M)	26.36
(=) Cash Retained (M)	82.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.75	13.59	8.16
Cash Retained (M)	82.39	82.39	82.39
(-) Cash Required (M)	-21.75	-13.59	-8.16
(=) Excess Retained (M)	60.64	68.80	74.23
(/) Shares Outstanding (M)	1,216.48	1,216.48	1,216.48
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.25	$3.55	$6.60
Upside / Downside	-29.33%	11.28%	106.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	108.75	115.82	123.34	131.36	139.90	148.99	153.46
Payout Ratio	24.24%	37.39%	50.54%	63.69%	76.85%	90.00%	92.50%
Projected Dividends (M)	26.36	43.30	62.34	83.67	107.51	134.09	141.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.41	39.78	40.16
Year 2 PV (M)	51.64	52.62	53.61
Year 3 PV (M)	63.07	64.88	66.73
Year 4 PV (M)	73.76	76.59	79.51
Year 5 PV (M)	83.72	87.77	91.97
PV of Terminal Value (M)	1,515.87	1,589.09	1,665.11
Equity Value (M)	1,827.46	1,910.73	1,997.08
Shares Outstanding (M)	1,216.48	1,216.48	1,216.48
Fair Value	$1.50	$1.57	$1.64
Upside / Downside	-52.91%	-50.76%	-48.54%

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Xiamen Hexing Packaging Printing Co., Ltd. (002228.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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