DDM Analysis: 001387.SZ

Valuation Snapshot

Stable Growth	$6.25 - $10.56	$8.13
Multi-Stage	$23.70 - $26.15	$24.90
Blended Fair Value	$16.52
Current Price	$13.50
Upside	22.35%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.27	0.00	0.00	0.03	0.04	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	13,997.44%	-54.41%	-84.95%	-25.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.98%	0.01%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.91
(-) Cash Dividends Paid (M)	37.23
(=) Cash Retained (M)	56.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.78	11.74	7.04
Cash Retained (M)	56.67	56.67	56.67
(-) Cash Required (M)	-18.78	-11.74	-7.04
(=) Excess Retained (M)	37.89	44.93	49.63
(/) Shares Outstanding (M)	177.40	177.40	177.40
(=) Excess Retained per Share	0.21	0.25	0.28
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.21	0.25	0.28
(=) Adjusted Dividend	0.42	0.46	0.49
WACC / Discount Rate	4.64%	4.64%	4.64%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.25	$8.13	$10.56
Upside / Downside	-53.68%	-39.75%	-21.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.91	92.97	92.04	91.12	90.21	89.30	91.98
Payout Ratio	39.65%	49.72%	59.79%	69.86%	79.93%	90.00%	92.50%
Projected Dividends (M)	37.23	46.22	55.03	63.65	72.10	80.37	85.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.64%	4.64%	4.64%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	43.73	44.17	44.62
Year 2 PV (M)	49.25	50.26	51.28
Year 3 PV (M)	53.89	55.56	57.26
Year 4 PV (M)	57.75	60.14	62.61
Year 5 PV (M)	60.90	64.07	67.38
PV of Terminal Value (M)	3,938.23	4,143.31	4,356.84
Equity Value (M)	4,203.76	4,417.52	4,639.99
Shares Outstanding (M)	177.40	177.40	177.40
Fair Value	$23.70	$24.90	$26.15
Upside / Downside	75.52%	84.45%	93.74%

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FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
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Hefei Snowky Elect (001387.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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