DDM Analysis: 301022.SZ

Valuation Snapshot

Stable Growth	$5.38 - $8.79	$6.91
Multi-Stage	$16.55 - $18.24	$17.38
Blended Fair Value	$12.14
Current Price	$35.92
Upside	-66.19%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.28	0.22	0.22	0.01	0.02	0.00	0.01	0.06	0.00	0.00
YoY Growth	-	-	29.42%	-0.76%	3,437.15%	-60.71%	0.00%	-100.00%	-79.74%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.05%	0.63%	0.93%	0.02%	0.04%	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)	43.74
(-) Cash Dividends Paid (M)	28.47
(=) Cash Retained (M)	15.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.75	5.47	3.28
Cash Retained (M)	15.27	15.27	15.27
(-) Cash Required (M)	-8.75	-5.47	-3.28
(=) Excess Retained (M)	6.52	9.81	11.99
(/) Shares Outstanding (M)	88.34	88.34	88.34
(=) Excess Retained per Share	0.07	0.11	0.14
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.07	0.11	0.14
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.38	$6.91	$8.79
Upside / Downside	-85.01%	-80.78%	-75.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.74	43.30	42.87	42.44	42.02	41.60	42.84
Payout Ratio	65.08%	70.07%	75.05%	80.03%	85.02%	90.00%	92.50%
Projected Dividends (M)	28.47	30.34	32.17	33.97	35.72	37.44	39.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	28.55	28.84	29.13
Year 2 PV (M)	28.48	29.07	29.66
Year 3 PV (M)	28.29	29.17	30.06
Year 4 PV (M)	27.99	29.15	30.35
Year 5 PV (M)	27.60	29.04	30.54
PV of Terminal Value (M)	1,321.21	1,390.01	1,461.65
Equity Value (M)	1,462.13	1,535.27	1,611.37
Shares Outstanding (M)	88.34	88.34	88.34
Fair Value	$16.55	$17.38	$18.24
Upside / Downside	-53.92%	-51.61%	-49.22%

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Qingdao Hi-Tech Moulds & Plastics Technology Co., Ltd. (301022.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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