DDM Analysis: 002392.SZ

Valuation Snapshot

Stable Growth	$6.37 - $14.82	$9.34
Multi-Stage	$4.43 - $4.84	$4.63
Blended Fair Value	$6.98
Current Price	$9.99
Upside	-30.10%
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	20.22%	9.17%	0.08	0.03	0.00	0.00	0.04	0.03	0.05	0.05	0.03	0.04
YoY Growth	-	-	130.25%	7,624.16%	-86.47%	-91.43%	21.78%	-38.90%	-0.92%	104.49%	-31.40%	12.71%
Dividend Yield	-	-	1.64%	0.97%	0.01%	0.08%	0.81%	0.92%	1.22%	1.20%	0.47%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	356.64
(-) Cash Dividends Paid (M)	16.80
(=) Cash Retained (M)	339.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	71.33	44.58	26.75
Cash Retained (M)	339.84	339.84	339.84
(-) Cash Required (M)	-71.33	-44.58	-26.75
(=) Excess Retained (M)	268.51	295.26	313.09
(/) Shares Outstanding (M)	1,166.66	1,166.66	1,166.66
(=) Excess Retained per Share	0.23	0.25	0.27
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.23	0.25	0.27
(=) Adjusted Dividend	0.24	0.27	0.28
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.37	$9.34	$14.82
Upside / Downside	-36.26%	-6.56%	48.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	356.64	379.82	404.51	430.80	458.80	488.62	503.28
Payout Ratio	4.71%	21.77%	38.83%	55.88%	72.94%	90.00%	92.50%
Projected Dividends (M)	16.80	82.68	157.06	240.75	334.66	439.76	465.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	74.76	75.47	76.18
Year 2 PV (M)	128.42	130.86	133.33
Year 3 PV (M)	178.00	183.11	188.32
Year 4 PV (M)	223.74	232.34	241.19
Year 5 PV (M)	265.85	278.69	292.02
PV of Terminal Value (M)	4,295.65	4,503.13	4,718.55
Equity Value (M)	5,166.42	5,403.61	5,649.59
Shares Outstanding (M)	1,166.66	1,166.66	1,166.66
Fair Value	$4.43	$4.63	$4.84
Upside / Downside	-55.67%	-53.64%	-51.53%

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Beijing Lier High-temperature Materials Co.,Ltd. (002392.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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