DDM Analysis: 300652.SZ

Valuation Snapshot

Stable Growth	$28.05 - $59.56	$39.84
Multi-Stage	$20.24 - $22.12	$21.16
Blended Fair Value	$30.50
Current Price	$59.97
Upside	-49.14%
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	6.90%	12.30%	0.47	0.37	0.27	0.51	0.20	0.34	0.08	0.01	0.17	0.04
YoY Growth	-	-	26.15%	39.63%	-47.97%	151.57%	-39.45%	307.84%	599.09%	-92.99%	318.72%	-72.70%
Dividend Yield	-	-	1.43%	1.97%	1.53%	3.25%	1.41%	2.29%	0.47%	0.06%	0.74%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	164.82
(-) Cash Dividends Paid (M)	15.60
(=) Cash Retained (M)	149.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.96	20.60	12.36
Cash Retained (M)	149.22	149.22	149.22
(-) Cash Required (M)	-32.96	-20.60	-12.36
(=) Excess Retained (M)	116.26	128.62	136.86
(/) Shares Outstanding (M)	110.38	110.38	110.38
(=) Excess Retained per Share	1.05	1.17	1.24
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	1.05	1.17	1.24
(=) Adjusted Dividend	1.19	1.31	1.38
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.05	$39.84	$59.56
Upside / Downside	-53.23%	-33.57%	-0.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	164.82	175.53	186.94	199.10	212.04	225.82	232.59
Payout Ratio	9.46%	25.57%	41.68%	57.79%	73.89%	90.00%	92.50%
Projected Dividends (M)	15.60	44.88	77.91	115.05	156.68	203.24	215.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	40.42	40.81	41.19
Year 2 PV (M)	63.20	64.40	65.62
Year 3 PV (M)	84.04	86.45	88.91
Year 4 PV (M)	103.08	107.04	111.12
Year 5 PV (M)	120.42	126.23	132.27
PV of Terminal Value (M)	1,822.91	1,910.96	2,002.37
Equity Value (M)	2,234.07	2,335.89	2,441.48
Shares Outstanding (M)	110.38	110.38	110.38
Fair Value	$20.24	$21.16	$22.12
Upside / Downside	-66.25%	-64.71%	-63.12%

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Hang Zhou Radical Energy-Saving Technology Co., Ltd. (300652.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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