DDM Analysis: 000532.SZ

Valuation Snapshot

Stable Growth	$14.18 - $35.30	$21.25
Multi-Stage	$13.40 - $14.69	$14.03
Blended Fair Value	$17.64
Current Price	$14.71
Upside	19.92%
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	-16.99%	5.63%	0.12	0.15	0.18	0.19	0.20	0.31	0.17	0.22	0.08	0.07
YoY Growth	-	-	-19.91%	-15.08%	-9.07%	-2.36%	-34.72%	76.79%	-20.20%	165.98%	8.96%	7.25%
Dividend Yield	-	-	0.77%	1.34%	1.56%	1.63%	1.89%	3.08%	1.38%	1.50%	0.47%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	223.83
(-) Cash Dividends Paid (M)	33.00
(=) Cash Retained (M)	190.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.77	27.98	16.79
Cash Retained (M)	190.84	190.84	190.84
(-) Cash Required (M)	-44.77	-27.98	-16.79
(=) Excess Retained (M)	146.07	162.86	174.05
(/) Shares Outstanding (M)	344.63	344.63	344.63
(=) Excess Retained per Share	0.42	0.47	0.51
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.42	0.47	0.51
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	7.43%	7.43%	7.43%
Growth Rate	3.63%	4.63%	5.63%
Fair Value	$14.18	$21.25	$35.30
Upside / Downside	-3.62%	44.47%	139.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	223.83	234.19	245.03	256.36	268.23	280.64	289.06
Payout Ratio	14.74%	29.79%	44.84%	59.90%	74.95%	90.00%	92.50%
Projected Dividends (M)	33.00	69.77	109.88	153.55	201.03	252.58	267.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.43%	7.43%	7.43%
Growth Rate	3.63%	4.63%	5.63%
Year 1 PV (M)	64.33	64.95	65.57
Year 2 PV (M)	93.40	95.22	97.05
Year 3 PV (M)	120.34	123.86	127.45
Year 4 PV (M)	145.26	150.95	156.81
Year 5 PV (M)	168.27	176.55	185.15
PV of Terminal Value (M)	4,025.36	4,223.37	4,429.09
Equity Value (M)	4,616.97	4,834.90	5,061.11
Shares Outstanding (M)	344.63	344.63	344.63
Fair Value	$13.40	$14.03	$14.69
Upside / Downside	-8.93%	-4.63%	-0.17%

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Zhuhai Huajin Capital Co., Ltd. (000532.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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