DDM Analysis: 603075.SS

Valuation Snapshot

Stable Growth	$63.97 - $156.70	$146.85
Multi-Stage	$23.64 - $25.83	$24.71
Blended Fair Value	$85.78
Current Price	$22.96
Upside	273.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	10.08%	0.00%	0.51	0.31	0.32	0.26	0.37	0.32	0.00	0.00	0.00	0.00
YoY Growth	-	-	67.18%	-4.70%	25.47%	-30.26%	15.93%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.38%	1.53%	0.82%	0.65%	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)	317.26
(-) Cash Dividends Paid (M)	286.08
(=) Cash Retained (M)	31.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	63.45	39.66	23.79
Cash Retained (M)	31.18	31.18	31.18
(-) Cash Required (M)	-63.45	-39.66	-23.79
(=) Excess Retained (M)	-32.27	-8.47	7.39
(/) Shares Outstanding (M)	402.64	402.64	402.64
(=) Excess Retained per Share	-0.08	-0.02	0.02
LTM Dividend per Share	0.71	0.71	0.71
(+) Excess Retained per Share	-0.08	-0.02	0.02
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$63.97	$146.85	$156.70
Upside / Downside	178.62%	539.61%	582.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	317.26	337.88	359.85	383.24	408.15	434.68	447.72
Payout Ratio	90.17%	90.14%	90.10%	90.07%	90.03%	90.00%	92.50%
Projected Dividends (M)	286.08	304.56	324.23	345.18	367.47	391.21	414.14

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)	283.18	285.86	288.55
Year 2 PV (M)	280.31	285.65	291.04
Year 3 PV (M)	277.47	285.44	293.55
Year 4 PV (M)	274.66	285.22	296.09
Year 5 PV (M)	271.87	285.01	298.64
PV of Terminal Value (M)	8,131.17	8,523.91	8,931.68
Equity Value (M)	9,518.67	9,951.09	10,399.55
Shares Outstanding (M)	402.64	402.64	402.64
Fair Value	$23.64	$24.71	$25.83
Upside / Downside	2.96%	7.64%	12.49%

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Hangzhou Heatwell Electric Heating Technology Co., Ltd. (603075.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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