DDM Analysis: 603661.SS

Valuation Snapshot

Stable Growth	$180.06 - $400.80	$375.60
Multi-Stage	$60.86 - $66.57	$63.66
Blended Fair Value	$219.63
Current Price	$31.62
Upside	594.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.72%	0.00%	0.66	1.69	1.24	0.31	0.41	0.28	0.66	0.00	0.01	0.94
YoY Growth	-	-	-61.05%	36.95%	295.81%	-23.31%	45.68%	-57.68%	28,626.61%	-76.56%	-98.96%	0.00%
Dividend Yield	-	-	2.24%	3.78%	3.55%	1.20%	0.92%	1.13%	2.48%	0.01%	0.02%	1.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	275.85
(-) Cash Dividends Paid (M)	158.75
(=) Cash Retained (M)	117.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.17	34.48	20.69
Cash Retained (M)	117.11	117.11	117.11
(-) Cash Required (M)	-55.17	-34.48	-20.69
(=) Excess Retained (M)	61.94	82.63	96.42
(/) Shares Outstanding (M)	136.88	136.88	136.88
(=) Excess Retained per Share	0.45	0.60	0.70
LTM Dividend per Share	1.16	1.16	1.16
(+) Excess Retained per Share	0.45	0.60	0.70
(=) Adjusted Dividend	1.61	1.76	1.86
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$180.06	$375.60	$400.80
Upside / Downside	469.46%	1,087.87%	1,167.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	275.85	293.78	312.88	333.22	354.87	377.94	389.28
Payout Ratio	57.55%	64.04%	70.53%	77.02%	83.51%	90.00%	92.50%
Projected Dividends (M)	158.75	188.13	220.67	256.64	296.35	340.15	360.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	175.08	176.74	178.40
Year 2 PV (M)	191.12	194.76	198.43
Year 3 PV (M)	206.85	212.79	218.84
Year 4 PV (M)	222.29	230.84	239.64
Year 5 PV (M)	237.44	248.91	260.82
PV of Terminal Value (M)	7,297.21	7,649.67	8,015.62
Equity Value (M)	8,330.00	8,713.72	9,111.75
Shares Outstanding (M)	136.88	136.88	136.88
Fair Value	$60.86	$63.66	$66.57
Upside / Downside	92.46%	101.33%	110.53%

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Henglin Home Furnishings Co.,Ltd (603661.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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