DDM Analysis: 603038.SS

Valuation Snapshot

Stable Growth	$3.06 - $7.76	$4.61
Multi-Stage	$7.09 - $7.80	$7.44
Blended Fair Value	$6.02
Current Price	$17.43
Upside	-65.44%
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	-1.34%	48.65%	0.12	0.11	0.11	0.13	0.14	0.13	0.08	0.12	0.11	0.01
YoY Growth	-	-	3.97%	8.74%	-16.24%	-10.09%	9.82%	62.46%	-37.20%	17.17%	1,784.72%	150.08%
Dividend Yield	-	-	0.83%	1.14%	1.72%	1.71%	1.42%	1.60%	0.95%	1.17%	0.61%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.02
(-) Cash Dividends Paid (M)	30.05
(=) Cash Retained (M)	4.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.00	4.38	2.63
Cash Retained (M)	4.96	4.96	4.96
(-) Cash Required (M)	-7.00	-4.38	-2.63
(=) Excess Retained (M)	-2.04	0.59	2.34
(/) Shares Outstanding (M)	248.08	248.08	248.08
(=) Excess Retained per Share	-0.01	0.00	0.01
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	-0.01	0.00	0.01
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	4.72%	4.72%	4.72%
Growth Rate	0.98%	1.98%	2.98%
Fair Value	$3.06	$4.61	$7.76
Upside / Downside	-82.47%	-73.55%	-55.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.02	35.71	36.42	37.14	37.88	38.63	39.79
Payout Ratio	85.83%	86.66%	87.50%	88.33%	89.17%	90.00%	92.50%
Projected Dividends (M)	30.05	30.95	31.87	32.81	33.78	34.77	36.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.72%	4.72%	4.72%
Growth Rate	0.98%	1.98%	2.98%
Year 1 PV (M)	29.27	29.56	29.84
Year 2 PV (M)	28.49	29.06	29.63
Year 3 PV (M)	27.74	28.57	29.42
Year 4 PV (M)	27.00	28.09	29.21
Year 5 PV (M)	26.29	27.61	28.99
PV of Terminal Value (M)	1,620.90	1,702.76	1,787.90
Equity Value (M)	1,759.69	1,845.66	1,935.00
Shares Outstanding (M)	248.08	248.08	248.08
Fair Value	$7.09	$7.44	$7.80
Upside / Downside	-59.30%	-57.32%	-55.25%

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

Dongguan Huali Industries Co.,Ltd (603038.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener