DDM Analysis: 000548.SZ

Valuation Snapshot

Stable Growth	$15.62 - $18.40	$17.25
Multi-Stage	$11.78 - $12.92	$12.34
Blended Fair Value	$14.79
Current Price	$5.27
Upside	180.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.82%	10.10%	0.10	0.02	0.02	0.04	0.00	0.02	0.05	0.05	0.00	0.05
YoY Growth	-	-	397.20%	0.00%	-44.07%	1,569.22%	-89.29%	-60.00%	0.02%	1,512.22%	-93.80%	31.60%
Dividend Yield	-	-	1.86%	0.43%	0.42%	0.76%	0.05%	0.55%	0.93%	0.80%	0.03%	0.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.00
(-) Cash Dividends Paid (M)	27.57
(=) Cash Retained (M)	18.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.20	5.75	3.45
Cash Retained (M)	18.43	18.43	18.43
(-) Cash Required (M)	-9.20	-5.75	-3.45
(=) Excess Retained (M)	9.23	12.68	14.98
(/) Shares Outstanding (M)	497.02	497.02	497.02
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	0.30%	0.30%	0.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.62	$17.25	$18.40
Upside / Downside	196.42%	227.29%	249.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.00	48.99	52.17	55.56	59.17	63.02	64.91
Payout Ratio	59.94%	65.95%	71.96%	77.97%	83.99%	90.00%	92.50%
Projected Dividends (M)	27.57	32.31	37.54	43.32	49.70	56.72	60.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.30%	0.30%	0.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	31.91	32.21	32.51
Year 2 PV (M)	36.62	37.32	38.02
Year 3 PV (M)	41.74	42.94	44.16
Year 4 PV (M)	47.29	49.11	50.98
Year 5 PV (M)	53.30	55.88	58.55
PV of Terminal Value (M)	5,642.64	5,915.18	6,198.15
Equity Value (M)	5,853.50	6,132.63	6,422.37
Shares Outstanding (M)	497.02	497.02	497.02
Fair Value	$11.78	$12.34	$12.92
Upside / Downside	123.48%	134.13%	145.19%

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Hunan Investment Group Co., Ltd. (000548.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener