DDM Analysis: 301200.SZ

Valuation Snapshot

Stable Growth	$12.81 - $19.51	$15.95
Multi-Stage	$16.07 - $17.59	$16.81
Blended Fair Value	$16.38
Current Price	$97.56
Upside	-83.21%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	-52.37%	0.00%	0.01	2.84	0.42	0.37	0.00	0.36	0.00	0.00	0.00	0.00
YoY Growth	-	-	-99.69%	576.84%	12.16%	0.00%	-100.00%	14,335.58%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.02%	8.19%	0.96%	0.69%	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)	589.86
(-) Cash Dividends Paid (M)	173.62
(=) Cash Retained (M)	416.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	117.97	73.73	44.24
Cash Retained (M)	416.24	416.24	416.24
(-) Cash Required (M)	-117.97	-73.73	-44.24
(=) Excess Retained (M)	298.27	342.51	372.00
(/) Shares Outstanding (M)	421.43	421.43	421.43
(=) Excess Retained per Share	0.71	0.81	0.88
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.71	0.81	0.88
(=) Adjusted Dividend	1.12	1.22	1.29
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	1.13%	2.13%	3.13%
Fair Value	$12.81	$15.95	$19.51
Upside / Downside	-86.87%	-83.65%	-80.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	589.86	602.43	615.28	628.39	641.79	655.47	675.13
Payout Ratio	29.43%	41.55%	53.66%	65.77%	77.89%	90.00%	92.50%
Projected Dividends (M)	173.62	250.29	330.16	413.32	499.87	589.92	624.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	1.13%	2.13%	3.13%
Year 1 PV (M)	225.37	227.59	229.82
Year 2 PV (M)	267.67	272.99	278.36
Year 3 PV (M)	301.71	310.75	319.96
Year 4 PV (M)	328.55	341.73	355.32
Year 5 PV (M)	349.12	366.72	385.03
PV of Terminal Value (M)	5,299.07	5,566.29	5,844.18
Equity Value (M)	6,771.47	7,086.07	7,412.68
Shares Outstanding (M)	421.43	421.43	421.43
Fair Value	$16.07	$16.81	$17.59
Upside / Downside	-83.53%	-82.77%	-81.97%

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Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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