DDM Analysis: 300990.SZ

Valuation Snapshot

Stable Growth	$29.10 - $61.82	$41.33
Multi-Stage	$21.64 - $23.61	$22.60
Blended Fair Value	$31.97
Current Price	$85.00
Upside	-62.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	34.00%	0.00%	0.49	0.44	0.30	0.24	0.00	0.11	0.11	0.09	0.00	0.00
YoY Growth	-	-	12.50%	44.00%	25.00%	0.00%	-100.00%	0.00%	29.95%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.18%	1.17%	0.69%	0.97%	0.00%	0.36%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	263.97
(-) Cash Dividends Paid (M)	84.70
(=) Cash Retained (M)	179.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.79	33.00	19.80
Cash Retained (M)	179.27	179.27	179.27
(-) Cash Required (M)	-52.79	-33.00	-19.80
(=) Excess Retained (M)	126.48	146.28	159.48
(/) Shares Outstanding (M)	170.56	170.56	170.56
(=) Excess Retained per Share	0.74	0.86	0.94
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.74	0.86	0.94
(=) Adjusted Dividend	1.24	1.35	1.43
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$29.10	$41.33	$61.82
Upside / Downside	-65.77%	-51.37%	-27.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	263.97	281.13	299.40	318.87	339.59	361.67	372.52
Payout Ratio	32.09%	43.67%	55.25%	66.83%	78.42%	90.00%	92.50%
Projected Dividends (M)	84.70	122.77	165.43	213.11	266.30	325.50	344.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	110.57	111.62	112.67
Year 2 PV (M)	134.19	136.74	139.32
Year 3 PV (M)	155.69	160.16	164.72
Year 4 PV (M)	175.22	181.96	188.89
Year 5 PV (M)	192.89	202.21	211.88
PV of Terminal Value (M)	2,921.57	3,062.68	3,209.20
Equity Value (M)	3,690.13	3,855.37	4,026.67
Shares Outstanding (M)	170.56	170.56	170.56
Fair Value	$21.64	$22.60	$23.61
Upside / Downside	-74.55%	-73.41%	-72.23%

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Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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