DDM Analysis: 600378.SS

Valuation Snapshot

Stable Growth	$27.16 - $72.49	$41.61
Multi-Stage	$18.78 - $20.51	$19.63
Blended Fair Value	$30.62
Current Price	$30.72
Upside	-0.34%
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	18.34%	31.47%	0.37	0.51	0.25	0.24	0.22	0.16	0.09	0.01	0.01	0.02
YoY Growth	-	-	-27.89%	107.95%	1.37%	11.84%	36.54%	72.87%	1,181.83%	-40.00%	-37.50%	-20.00%
Dividend Yield	-	-	1.38%	1.50%	0.55%	0.64%	0.97%	0.91%	0.76%	0.06%	0.09%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,434.20
(-) Cash Dividends Paid (M)	497.21
(=) Cash Retained (M)	937.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	286.84	179.28	107.57
Cash Retained (M)	937.00	937.00	937.00
(-) Cash Required (M)	-286.84	-179.28	-107.57
(=) Excess Retained (M)	650.16	757.72	829.43
(/) Shares Outstanding (M)	1,244.96	1,244.96	1,244.96
(=) Excess Retained per Share	0.52	0.61	0.67
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.52	0.61	0.67
(=) Adjusted Dividend	0.92	1.01	1.07
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.16	$41.61	$72.49
Upside / Downside	-11.60%	35.44%	135.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,434.20	1,527.43	1,626.71	1,732.45	1,845.06	1,964.98	2,023.93
Payout Ratio	34.67%	45.73%	56.80%	67.87%	78.93%	90.00%	92.50%
Projected Dividends (M)	497.21	698.56	923.98	1,175.76	1,456.37	1,768.49	1,872.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	634.39	640.41	646.42
Year 2 PV (M)	762.04	776.56	791.21
Year 3 PV (M)	880.62	905.90	931.66
Year 4 PV (M)	990.60	1,028.70	1,067.88
Year 5 PV (M)	1,092.41	1,145.18	1,199.96
PV of Terminal Value (M)	19,019.82	19,938.48	20,892.30
Equity Value (M)	23,379.89	24,435.22	25,529.43
Shares Outstanding (M)	1,244.96	1,244.96	1,244.96
Fair Value	$18.78	$19.63	$20.51
Upside / Downside	-38.87%	-36.11%	-33.25%

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Haohua Chemical Science & Technology Corp., Ltd. (600378.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener