DDM Analysis: 603093.SS

Valuation Snapshot

Stable Growth	$55.72 - $148.06	$138.75
Multi-Stage	$20.69 - $22.66	$21.66
Blended Fair Value	$80.21
Current Price	$21.41
Upside	274.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.99%	0.00%	0.14	0.14	0.08	0.04	0.14	0.08	0.06	0.05	0.05	0.00
YoY Growth	-	-	-4.14%	79.96%	95.41%	-71.49%	67.55%	43.62%	20.35%	-4.17%	0.00%	0.00%
Dividend Yield	-	-	0.99%	1.34%	0.66%	0.29%	0.92%	0.39%	0.84%	0.70%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	451.09
(-) Cash Dividends Paid (M)	68.04
(=) Cash Retained (M)	383.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	90.22	56.39	33.83
Cash Retained (M)	383.05	383.05	383.05
(-) Cash Required (M)	-90.22	-56.39	-33.83
(=) Excess Retained (M)	292.83	326.66	349.21
(/) Shares Outstanding (M)	605.92	605.92	605.92
(=) Excess Retained per Share	0.48	0.54	0.58
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.48	0.54	0.58
(=) Adjusted Dividend	0.60	0.65	0.69
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$55.72	$138.75	$148.06
Upside / Downside	160.25%	548.06%	591.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	451.09	480.41	511.64	544.89	580.31	618.03	636.57
Payout Ratio	15.08%	30.07%	45.05%	60.03%	75.02%	90.00%	92.50%
Projected Dividends (M)	68.04	144.45	230.50	327.12	435.33	556.23	588.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	134.20	135.47	136.74
Year 2 PV (M)	198.94	202.73	206.56
Year 3 PV (M)	262.30	269.83	277.51
Year 4 PV (M)	324.30	336.78	349.60
Year 5 PV (M)	384.96	403.56	422.86
PV of Terminal Value (M)	11,233.76	11,776.36	12,339.72
Equity Value (M)	12,538.47	13,124.73	13,732.99
Shares Outstanding (M)	605.92	605.92	605.92
Fair Value	$20.69	$21.66	$22.66
Upside / Downside	-3.35%	1.17%	5.86%

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Nanhua Futures Co., Ltd. (603093.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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