DDM Analysis: 300809.SZ

Valuation Snapshot

Stable Growth	$1.23 - $1.75	$1.48
Multi-Stage	$1.86 - $2.04	$1.95
Blended Fair Value	$1.72
Current Price	$42.88
Upside	-96.00%
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	0.00%	0.00%	0.12	0.10	0.12	0.13	0.12	0.00	0.00	0.78	0.33	0.00
YoY Growth	-	-	19.00%	-19.30%	-3.80%	7.66%	0.00%	-100.00%	-99.99%	139.29%	0.00%	0.00%
Dividend Yield	-	-	0.21%	0.40%	0.54%	0.53%	1.22%	0.00%	0.00%	4.63%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	47.23
(-) Cash Dividends Paid (M)	7.72
(=) Cash Retained (M)	39.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.45	5.90	3.54
Cash Retained (M)	39.52	39.52	39.52
(-) Cash Required (M)	-9.45	-5.90	-3.54
(=) Excess Retained (M)	30.07	33.61	35.97
(/) Shares Outstanding (M)	257.30	257.30	257.30
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.23	$1.48	$1.75
Upside / Downside	-97.14%	-96.54%	-95.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	47.23	46.76	46.29	45.83	45.37	44.92	46.27
Payout Ratio	16.34%	31.07%	45.81%	60.54%	75.27%	90.00%	92.50%
Projected Dividends (M)	7.72	14.53	21.21	27.75	34.15	40.43	42.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	13.11	13.24	13.38
Year 2 PV (M)	17.26	17.61	17.97
Year 3 PV (M)	20.37	21.00	21.65
Year 4 PV (M)	22.62	23.56	24.53
Year 5 PV (M)	24.16	25.42	26.73
PV of Terminal Value (M)	380.41	400.21	420.84
Equity Value (M)	477.93	501.06	525.09
Shares Outstanding (M)	257.30	257.30	257.30
Fair Value	$1.86	$1.95	$2.04
Upside / Downside	-95.67%	-95.46%	-95.24%

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Hiecise Precision Equipment Co.,Ltd. (300809.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener