DDM Analysis: 002508.SZ

Valuation Snapshot

Stable Growth	$30.66 - $65.42	$43.62
Multi-Stage	$22.73 - $24.80	$23.74
Blended Fair Value	$33.68
Current Price	$19.08
Upside	76.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.32%	27.20%	1.50	0.50	0.50	0.50	0.50	0.80	0.75	0.39	0.31	0.17
YoY Growth	-	-	198.78%	0.49%	-0.17%	-0.23%	-37.50%	6.67%	95.00%	24.99%	80.23%	26.58%
Dividend Yield	-	-	6.62%	2.05%	1.76%	1.72%	1.38%	2.83%	2.15%	1.05%	0.81%	0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,532.55
(-) Cash Dividends Paid (M)	473.66
(=) Cash Retained (M)	1,058.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	306.51	191.57	114.94
Cash Retained (M)	1,058.88	1,058.88	1,058.88
(-) Cash Required (M)	-306.51	-191.57	-114.94
(=) Excess Retained (M)	752.37	867.32	943.94
(/) Shares Outstanding (M)	944.72	944.72	944.72
(=) Excess Retained per Share	0.80	0.92	1.00
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.80	0.92	1.00
(=) Adjusted Dividend	1.30	1.42	1.50
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$30.66	$43.62	$65.42
Upside / Downside	60.69%	128.62%	242.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,532.55	1,632.16	1,738.25	1,851.24	1,971.57	2,099.72	2,162.71
Payout Ratio	30.91%	42.73%	54.54%	66.36%	78.18%	90.00%	92.50%
Projected Dividends (M)	473.66	697.35	948.11	1,228.53	1,541.40	1,889.75	2,000.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	628.20	634.15	640.11
Year 2 PV (M)	769.40	784.06	798.85
Year 3 PV (M)	898.10	923.88	950.15
Year 4 PV (M)	1,015.08	1,054.11	1,094.27
Year 5 PV (M)	1,121.07	1,175.22	1,231.44
PV of Terminal Value (M)	17,037.72	17,860.64	18,715.07
Equity Value (M)	21,469.57	22,432.07	23,429.88
Shares Outstanding (M)	944.72	944.72	944.72
Fair Value	$22.73	$23.74	$24.80
Upside / Downside	19.11%	24.45%	29.98%

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Financial Statements

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Ticker

Industry

Sector

Hangzhou Robam Appliances Co., Ltd. (002508.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener