DDM Analysis: 002802.SZ

Valuation Snapshot

Stable Growth	$1.25 - $1.71	$1.48
Multi-Stage	$2.25 - $2.47	$2.36
Blended Fair Value	$1.92
Current Price	$12.81
Upside	-85.01%
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	-9.02%	44.04%	0.36	0.46	0.23	0.29	0.46	0.58	0.21	0.09	0.09	0.01
YoY Growth	-	-	-21.88%	96.29%	-18.71%	-37.13%	-20.48%	180.56%	133.56%	-5.35%	1,055.68%	-13.94%
Dividend Yield	-	-	2.51%	4.70%	2.02%	2.05%	3.27%	5.32%	1.38%	0.58%	0.26%	0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45.77
(-) Cash Dividends Paid (M)	21.42
(=) Cash Retained (M)	24.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.15	5.72	3.43
Cash Retained (M)	24.35	24.35	24.35
(-) Cash Required (M)	-9.15	-5.72	-3.43
(=) Excess Retained (M)	15.20	18.63	20.92
(/) Shares Outstanding (M)	184.09	184.09	184.09
(=) Excess Retained per Share	0.08	0.10	0.11
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.08	0.10	0.11
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	-5.27%	-4.27%	-3.27%
Fair Value	$1.25	$1.48	$1.71
Upside / Downside	-90.22%	-88.42%	-86.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.77	43.81	41.94	40.15	38.43	36.79	37.89
Payout Ratio	46.80%	55.44%	64.08%	72.72%	81.36%	90.00%	92.50%
Projected Dividends (M)	21.42	24.29	26.87	29.19	31.27	33.11	35.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	-5.27%	-4.27%	-3.27%
Year 1 PV (M)	21.90	22.13	22.36
Year 2 PV (M)	21.84	22.30	22.77
Year 3 PV (M)	21.39	22.08	22.77
Year 4 PV (M)	20.65	21.54	22.45
Year 5 PV (M)	19.72	20.78	21.89
PV of Terminal Value (M)	308.62	325.25	342.60
Equity Value (M)	414.12	434.08	454.85
Shares Outstanding (M)	184.09	184.09	184.09
Fair Value	$2.25	$2.36	$2.47
Upside / Downside	-82.44%	-81.59%	-80.71%

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Financial Statements

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Wuxi Honghui New Materials Technology Co., Ltd. (002802.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener