DDM Analysis: 002402.SZ

Valuation Snapshot

Stable Growth	$19.15 - $70.84	$32.07
Multi-Stage	$12.03 - $13.16	$12.59
Blended Fair Value	$22.33
Current Price	$49.83
Upside	-55.19%
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	27.66%	19.82%	0.20	0.17	0.12	0.12	0.07	0.06	0.03	0.00	0.05	0.02
YoY Growth	-	-	19.31%	42.78%	-0.92%	65.08%	21.69%	105.02%	3,086.94%	-98.35%	196.92%	-43.73%
Dividend Yield	-	-	1.01%	1.39%	0.69%	0.67%	0.35%	0.49%	0.29%	0.01%	0.51%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	611.83
(-) Cash Dividends Paid (M)	113.23
(=) Cash Retained (M)	498.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.37	76.48	45.89
Cash Retained (M)	498.60	498.60	498.60
(-) Cash Required (M)	-122.37	-76.48	-45.89
(=) Excess Retained (M)	376.24	422.12	452.72
(/) Shares Outstanding (M)	919.12	919.12	919.12
(=) Excess Retained per Share	0.41	0.46	0.49
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.41	0.46	0.49
(=) Adjusted Dividend	0.53	0.58	0.62
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.15	$32.07	$70.84
Upside / Downside	-61.58%	-35.64%	42.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	611.83	651.60	693.95	739.06	787.10	838.26	863.41
Payout Ratio	18.51%	32.80%	47.10%	61.40%	75.70%	90.00%	92.50%
Projected Dividends (M)	113.23	213.76	326.88	453.80	595.84	754.43	798.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	195.28	197.13	198.98
Year 2 PV (M)	272.81	278.00	283.25
Year 3 PV (M)	346.00	355.93	366.05
Year 4 PV (M)	415.03	430.99	447.40
Year 5 PV (M)	480.06	503.25	527.33
PV of Terminal Value (M)	9,351.62	9,803.30	10,272.28
Equity Value (M)	11,060.79	11,568.60	12,095.28
Shares Outstanding (M)	919.12	919.12	919.12
Fair Value	$12.03	$12.59	$13.16
Upside / Downside	-75.85%	-74.74%	-73.59%

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Financial Statements

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Sector

Shenzhen H&T Intelligent Control Co., Ltd. (002402.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener