DDM Analysis: 603909.SS

Valuation Snapshot

Stable Growth	$70.61 - $83.18	$77.96
Multi-Stage	$54.36 - $59.66	$56.96
Blended Fair Value	$67.46
Current Price	$10.61
Upside	535.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.32%	17.84%	0.08	0.05	0.06	0.07	0.09	0.14	0.10	0.03	0.02	0.03
YoY Growth	-	-	59.46%	-14.34%	-18.13%	-21.60%	-33.82%	42.07%	186.96%	96.51%	-35.91%	73.25%
Dividend Yield	-	-	0.94%	0.49%	0.51%	0.58%	0.95%	1.75%	0.90%	0.29%	0.09%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	109.04
(-) Cash Dividends Paid (M)	31.28
(=) Cash Retained (M)	77.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.81	13.63	8.18
Cash Retained (M)	77.76	77.76	77.76
(-) Cash Required (M)	-21.81	-13.63	-8.18
(=) Excess Retained (M)	55.95	64.13	69.58
(/) Shares Outstanding (M)	260.69	260.69	260.69
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.33	0.37	0.39
WACC / Discount Rate	-0.24%	-0.24%	-0.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70.61	$77.96	$83.18
Upside / Downside	565.46%	634.74%	684.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	109.04	116.13	123.68	131.71	140.28	149.39	153.88
Payout Ratio	28.69%	40.95%	53.21%	65.47%	77.74%	90.00%	92.50%
Projected Dividends (M)	31.28	47.55	65.81	86.24	109.05	134.45	142.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.24%	-0.24%	-0.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47.22	47.67	48.11
Year 2 PV (M)	64.89	66.12	67.37
Year 3 PV (M)	84.43	86.85	89.32
Year 4 PV (M)	106.01	110.08	114.27
Year 5 PV (M)	129.78	136.05	142.56
PV of Terminal Value (M)	13,738.93	14,402.53	15,091.52
Equity Value (M)	14,171.25	14,849.30	15,553.16
Shares Outstanding (M)	260.69	260.69	260.69
Fair Value	$54.36	$56.96	$59.66
Upside / Downside	412.36%	436.87%	462.32%

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Holsin Engineering Consulting Group Co.,Ltd. (603909.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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