DDM Analysis: 688268.SS

Valuation Snapshot

Stable Growth	$43.07 - $178.83	$74.08
Multi-Stage	$26.20 - $28.68	$27.42
Blended Fair Value	$50.75
Current Price	$65.00
Upside	-21.92%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.49%	0.00%	0.60	0.46	0.41	0.32	0.25	0.18	0.17	0.08	0.06	0.08
YoY Growth	-	-	30.04%	13.43%	27.40%	29.96%	37.91%	3.06%	109.76%	41.09%	-27.02%	0.00%
Dividend Yield	-	-	1.16%	0.96%	0.43%	0.49%	0.43%	0.36%	0.33%	0.00%	0.11%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	171.09
(-) Cash Dividends Paid (M)	12.42
(=) Cash Retained (M)	158.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.22	21.39	12.83
Cash Retained (M)	158.66	158.66	158.66
(-) Cash Required (M)	-34.22	-21.39	-12.83
(=) Excess Retained (M)	124.44	137.28	145.83
(/) Shares Outstanding (M)	120.07	120.07	120.07
(=) Excess Retained per Share	1.04	1.14	1.21
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	1.04	1.14	1.21
(=) Adjusted Dividend	1.14	1.25	1.32
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43.07	$74.08	$178.83
Upside / Downside	-33.74%	13.98%	175.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	171.09	182.21	194.05	206.66	220.10	234.40	241.43
Payout Ratio	7.26%	23.81%	40.36%	56.90%	73.45%	90.00%	92.50%
Projected Dividends (M)	12.42	43.38	78.31	117.60	161.67	210.96	223.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.68	40.06	40.44
Year 2 PV (M)	65.53	66.78	68.04
Year 3 PV (M)	90.02	92.60	95.23
Year 4 PV (M)	113.20	117.55	122.03
Year 5 PV (M)	135.12	141.65	148.43
PV of Terminal Value (M)	2,702.83	2,833.38	2,968.92
Equity Value (M)	3,146.38	3,292.02	3,443.08
Shares Outstanding (M)	120.07	120.07	120.07
Fair Value	$26.20	$27.42	$28.68
Upside / Downside	-59.68%	-57.82%	-55.88%

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Guangdong Huate Gas Co., Ltd (688268.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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