DDM Analysis: 000932.SZ

Valuation Snapshot

Stable Growth	$14.21 - $78.98	$27.25
Multi-Stage	$11.07 - $12.12	$11.59
Blended Fair Value	$19.42
Current Price	$6.49
Upside	199.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.37%	0.81%	0.33	0.32	0.37	0.27	0.35	0.15	0.33	0.28	0.28	0.32
YoY Growth	-	-	2.97%	-13.20%	36.60%	-22.30%	124.94%	-53.41%	15.90%	1.01%	-11.58%	5.36%
Dividend Yield	-	-	6.58%	6.07%	6.58%	4.88%	4.93%	3.91%	5.84%	5.26%	8.11%	11.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,770.57
(-) Cash Dividends Paid (M)	1,151.98
(=) Cash Retained (M)	1,618.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	554.11	346.32	207.79
Cash Retained (M)	1,618.58	1,618.58	1,618.58
(-) Cash Required (M)	-554.11	-346.32	-207.79
(=) Excess Retained (M)	1,064.47	1,272.26	1,410.79
(/) Shares Outstanding (M)	6,889.62	6,889.62	6,889.62
(=) Excess Retained per Share	0.15	0.18	0.20
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.15	0.18	0.20
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	4.16%	5.16%	6.16%
Fair Value	$14.21	$27.25	$78.98
Upside / Downside	118.98%	319.91%	1,116.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,770.57	2,913.44	3,063.67	3,221.65	3,387.78	3,562.47	3,669.35
Payout Ratio	41.58%	51.26%	60.95%	70.63%	80.32%	90.00%	92.50%
Projected Dividends (M)	1,151.98	1,493.53	1,867.23	2,275.51	2,720.92	3,206.22	3,394.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	4.16%	5.16%	6.16%
Year 1 PV (M)	1,388.85	1,402.19	1,415.52
Year 2 PV (M)	1,614.67	1,645.82	1,677.27
Year 3 PV (M)	1,829.81	1,883.02	1,937.25
Year 4 PV (M)	2,034.63	2,113.90	2,195.46
Year 5 PV (M)	2,229.49	2,338.59	2,451.92
PV of Terminal Value (M)	67,158.12	70,444.53	73,858.35
Equity Value (M)	76,255.56	79,828.04	83,535.77
Shares Outstanding (M)	6,889.62	6,889.62	6,889.62
Fair Value	$11.07	$11.59	$12.12
Upside / Downside	70.54%	78.53%	86.82%

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Hunan Valin Steel Co., Ltd. (000932.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener