DDM Analysis: 603187.SS

Valuation Snapshot

Stable Growth	$167.99 - $197.93	$185.49
Multi-Stage	$116.97 - $128.35	$122.55
Blended Fair Value	$154.02
Current Price	$15.06
Upside	922.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.41%	24.82%	0.55	0.25	0.19	0.27	0.18	0.12	0.00	0.08	0.09	0.09
YoY Growth	-	-	118.02%	31.69%	-30.10%	54.50%	41.50%	5,586.28%	-97.38%	-6.30%	-4.34%	56.67%
Dividend Yield	-	-	4.88%	1.60%	1.00%	1.26%	0.66%	1.09%	0.02%	0.69%	0.74%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	382.29
(-) Cash Dividends Paid (M)	191.14
(=) Cash Retained (M)	191.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	76.46	47.79	28.67
Cash Retained (M)	191.15	191.15	191.15
(-) Cash Required (M)	-76.46	-47.79	-28.67
(=) Excess Retained (M)	114.69	143.36	162.48
(/) Shares Outstanding (M)	384.12	384.12	384.12
(=) Excess Retained per Share	0.30	0.37	0.42
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.30	0.37	0.42
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	1.89%	1.89%	1.89%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$167.99	$185.49	$197.93
Upside / Downside	1,015.50%	1,131.65%	1,214.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	382.29	407.14	433.60	461.78	491.80	523.77	539.48
Payout Ratio	50.00%	58.00%	66.00%	74.00%	82.00%	90.00%	92.50%
Projected Dividends (M)	191.14	236.14	286.17	341.72	403.28	471.39	499.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.89%	1.89%	1.89%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	229.58	231.75	233.93
Year 2 PV (M)	270.50	275.65	280.85
Year 3 PV (M)	314.04	323.05	332.24
Year 4 PV (M)	360.32	374.17	388.43
Year 5 PV (M)	409.48	429.26	449.79
PV of Terminal Value (M)	43,348.10	45,441.83	47,615.69
Equity Value (M)	44,932.02	47,075.72	49,300.94
Shares Outstanding (M)	384.12	384.12	384.12
Fair Value	$116.97	$122.55	$128.35
Upside / Downside	676.72%	713.78%	752.24%

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Financial Statements

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Qingdao Hiron Commercial Cold Chain Co., Ltd. (603187.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener