DDM Analysis: 002064.SZ

Valuation Snapshot

Stable Growth	$42.90 - $66.36	$62.19
Multi-Stage	$10.95 - $11.98	$11.46
Blended Fair Value	$36.82
Current Price	$9.12
Upside	303.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.97%	26.10%	0.16	0.17	0.32	0.11	0.06	0.09	0.30	0.01	0.02	0.02
YoY Growth	-	-	-4.77%	-46.02%	189.58%	69.43%	-27.03%	-70.18%	2,438.22%	-46.13%	7.84%	25.64%
Dividend Yield	-	-	2.10%	2.43%	4.26%	1.20%	0.55%	1.89%	5.51%	0.24%	0.42%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,666.85
(-) Cash Dividends Paid (M)	763.83
(=) Cash Retained (M)	903.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	333.37	208.36	125.01
Cash Retained (M)	903.02	903.02	903.02
(-) Cash Required (M)	-333.37	-208.36	-125.01
(=) Excess Retained (M)	569.65	694.67	778.01
(/) Shares Outstanding (M)	4,995.53	4,995.53	4,995.53
(=) Excess Retained per Share	0.11	0.14	0.16
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.11	0.14	0.16
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42.90	$62.19	$66.36
Upside / Downside	370.45%	581.88%	627.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,666.85	1,775.20	1,890.58	2,013.47	2,144.35	2,283.73	2,352.24
Payout Ratio	45.82%	54.66%	63.49%	72.33%	81.16%	90.00%	92.50%
Projected Dividends (M)	763.83	970.32	1,200.42	1,456.34	1,740.46	2,055.36	2,175.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	905.46	914.04	922.63
Year 2 PV (M)	1,045.31	1,065.23	1,085.32
Year 3 PV (M)	1,183.40	1,217.38	1,251.99
Year 4 PV (M)	1,319.75	1,370.50	1,422.70
Year 5 PV (M)	1,454.36	1,524.60	1,597.54
PV of Terminal Value (M)	48,777.42	51,133.39	53,579.52
Equity Value (M)	54,685.70	57,225.14	59,859.71
Shares Outstanding (M)	4,995.53	4,995.53	4,995.53
Fair Value	$10.95	$11.46	$11.98
Upside / Downside	20.03%	25.61%	31.39%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 24 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Huafon Chemical Co., Ltd. (002064.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener