DDM Analysis: 601882.SS

Valuation Snapshot

Stable Growth	$71.06 - $174.04	$163.10
Multi-Stage	$25.42 - $27.81	$26.59
Blended Fair Value	$94.85
Current Price	$20.88
Upside	354.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.10%	12.78%	0.27	0.54	0.36	0.24	0.05	0.06	0.07	0.06	0.07	0.09
YoY Growth	-	-	-50.00%	51.33%	49.93%	428.89%	-25.00%	-17.61%	23.16%	-12.09%	-24.37%	9.64%
Dividend Yield	-	-	1.21%	1.95%	1.20%	1.29%	0.33%	0.83%	0.76%	0.47%	0.28%	4.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	456.82
(-) Cash Dividends Paid (M)	187.92
(=) Cash Retained (M)	268.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	91.36	57.10	34.26
Cash Retained (M)	268.90	268.90	268.90
(-) Cash Required (M)	-91.36	-57.10	-34.26
(=) Excess Retained (M)	177.53	211.79	234.63
(/) Shares Outstanding (M)	521.99	521.99	521.99
(=) Excess Retained per Share	0.34	0.41	0.45
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.34	0.41	0.45
(=) Adjusted Dividend	0.70	0.77	0.81
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$71.06	$163.10	$174.04
Upside / Downside	240.34%	681.15%	733.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	456.82	486.51	518.13	551.81	587.68	625.88	644.65
Payout Ratio	41.14%	50.91%	60.68%	70.45%	80.23%	90.00%	92.50%
Projected Dividends (M)	187.92	247.68	314.41	388.78	471.48	563.29	596.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	230.29	232.48	234.66
Year 2 PV (M)	271.82	277.00	282.23
Year 3 PV (M)	312.52	321.49	330.63
Year 4 PV (M)	352.40	365.95	379.89
Year 5 PV (M)	391.47	410.37	430.01
PV of Terminal Value (M)	11,708.56	12,274.09	12,861.26
Equity Value (M)	13,267.07	13,881.39	14,518.68
Shares Outstanding (M)	521.99	521.99	521.99
Fair Value	$25.42	$26.59	$27.81
Upside / Downside	21.72%	27.36%	33.21%

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Ningbo Haitian Precision Machinery Co.,Ltd. (601882.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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