DDM Analysis: 600673.SS

Valuation Snapshot

Stable Growth	$20.54 - $65.73	$61.60
Multi-Stage	$8.70 - $9.53	$9.11
Blended Fair Value	$35.35
Current Price	$23.28
Upside	51.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.40%	15.13%	0.47	0.14	0.39	0.17	0.18	0.22	0.11	0.15	0.16	0.11
YoY Growth	-	-	231.69%	-63.60%	126.60%	-6.60%	-16.40%	92.76%	-23.41%	-8.22%	40.75%	0.45%
Dividend Yield	-	-	4.71%	1.62%	4.33%	2.33%	3.69%	3.13%	1.19%	1.46%	2.22%	1.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	968.03
(-) Cash Dividends Paid (M)	294.70
(=) Cash Retained (M)	673.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	193.61	121.00	72.60
Cash Retained (M)	673.33	673.33	673.33
(-) Cash Required (M)	-193.61	-121.00	-72.60
(=) Excess Retained (M)	479.73	552.33	600.73
(/) Shares Outstanding (M)	2,928.90	2,928.90	2,928.90
(=) Excess Retained per Share	0.16	0.19	0.21
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.16	0.19	0.21
(=) Adjusted Dividend	0.26	0.29	0.31
WACC / Discount Rate	6.86%	6.86%	6.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.54	$61.60	$65.73
Upside / Downside	-11.78%	164.60%	182.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	968.03	1,030.95	1,097.97	1,169.33	1,245.34	1,326.29	1,366.08
Payout Ratio	30.44%	42.35%	54.27%	66.18%	78.09%	90.00%	92.50%
Projected Dividends (M)	294.70	436.65	595.82	773.83	972.47	1,193.66	1,263.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.86%	6.86%	6.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	404.79	408.63	412.47
Year 2 PV (M)	512.04	521.79	531.64
Year 3 PV (M)	616.50	634.20	652.23
Year 4 PV (M)	718.22	745.84	774.25
Year 5 PV (M)	817.25	856.72	897.71
PV of Terminal Value (M)	22,423.61	23,506.68	24,631.20
Equity Value (M)	25,492.41	26,673.86	27,899.49
Shares Outstanding (M)	2,928.90	2,928.90	2,928.90
Fair Value	$8.70	$9.11	$9.53
Upside / Downside	-62.61%	-60.88%	-59.08%

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Guangdong Hec Technologyholding Co., Ltd (600673.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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