DDM Analysis: 300173.SZ

Valuation Snapshot

Stable Growth	$10.68 - $15.22	$14.27
Multi-Stage	$2.55 - $2.79	$2.66
Blended Fair Value	$8.47
Current Price	$6.02
Upside	40.64%
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	11.17%	15.49%	0.05	0.05	0.05	0.05	0.04	0.03	0.06	0.05	0.04	0.01
YoY Growth	-	-	-9.42%	-1.91%	19.51%	22.30%	30.73%	-49.06%	12.54%	15.39%	329.69%	-12.55%
Dividend Yield	-	-	0.82%	1.19%	1.19%	0.89%	0.74%	0.51%	0.95%	0.63%	0.28%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.53
(-) Cash Dividends Paid (M)	22.76
(=) Cash Retained (M)	33.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.31	7.07	4.24
Cash Retained (M)	33.77	33.77	33.77
(-) Cash Required (M)	-11.31	-7.07	-4.24
(=) Excess Retained (M)	22.46	26.70	29.53
(/) Shares Outstanding (M)	738.36	738.36	738.36
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.68	$14.27	$15.22
Upside / Downside	77.47%	137.01%	152.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.53	60.20	64.11	68.28	72.72	77.44	79.77
Payout Ratio	40.26%	50.21%	60.16%	70.10%	80.05%	90.00%	92.50%
Projected Dividends (M)	22.76	30.23	38.57	47.87	58.21	69.70	73.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28.22	28.49	28.75
Year 2 PV (M)	33.62	34.26	34.90
Year 3 PV (M)	38.95	40.07	41.21
Year 4 PV (M)	44.23	45.93	47.68
Year 5 PV (M)	49.44	51.83	54.31
PV of Terminal Value (M)	1,685.70	1,767.12	1,851.66
Equity Value (M)	1,880.16	1,967.69	2,058.51
Shares Outstanding (M)	738.36	738.36	738.36
Fair Value	$2.55	$2.66	$2.79
Upside / Downside	-57.70%	-55.73%	-53.69%

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Funeng Oriental Equipment Technology Co., Ltd. (300173.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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