DDM Analysis: 603989.SS

Valuation Snapshot

Stable Growth	$90.47 - $106.66	$99.92
Multi-Stage	$62.70 - $69.03	$65.80
Blended Fair Value	$82.86
Current Price	$18.61
Upside	345.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.28%	3.87%	0.36	0.35	0.33	0.33	0.30	0.31	0.61	0.59	0.53	0.66
YoY Growth	-	-	3.98%	4.86%	-0.21%	8.93%	-0.85%	-49.98%	3.06%	12.69%	-20.25%	168.57%
Dividend Yield	-	-	2.32%	1.96%	1.27%	1.22%	1.03%	1.35%	2.88%	1.96%	1.87%	3.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	221.19
(-) Cash Dividends Paid (M)	69.52
(=) Cash Retained (M)	151.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.24	27.65	16.59
Cash Retained (M)	151.67	151.67	151.67
(-) Cash Required (M)	-44.24	-27.65	-16.59
(=) Excess Retained (M)	107.43	124.02	135.08
(/) Shares Outstanding (M)	398.50	398.50	398.50
(=) Excess Retained per Share	0.27	0.31	0.34
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.27	0.31	0.34
(=) Adjusted Dividend	0.44	0.49	0.51
WACC / Discount Rate	-0.89%	-0.89%	-0.89%
Growth Rate	1.87%	2.87%	3.87%
Fair Value	$90.47	$99.92	$106.66
Upside / Downside	386.14%	436.93%	473.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	221.19	227.54	234.08	240.80	247.72	254.84	262.48
Payout Ratio	31.43%	43.14%	54.86%	66.57%	78.29%	90.00%	92.50%
Projected Dividends (M)	69.52	98.17	128.41	160.31	193.93	229.36	242.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.89%	-0.89%	-0.89%
Growth Rate	1.87%	2.87%	3.87%
Year 1 PV (M)	98.09	99.05	100.02
Year 2 PV (M)	128.20	130.73	133.28
Year 3 PV (M)	159.90	164.66	169.51
Year 4 PV (M)	193.28	200.98	208.91
Year 5 PV (M)	228.39	239.82	251.71
PV of Terminal Value (M)	24,177.72	25,387.90	26,646.07
Equity Value (M)	24,985.58	26,223.14	27,509.49
Shares Outstanding (M)	398.50	398.50	398.50
Fair Value	$62.70	$65.80	$69.03
Upside / Downside	236.91%	253.59%	270.94%

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Hunan Aihua Group Co., Ltd (603989.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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