DDM Analysis: 603298.SS

Valuation Snapshot

Stable Growth	$32.87 - $72.33	$47.27
Multi-Stage	$24.07 - $26.28	$25.16
Blended Fair Value	$36.21
Current Price	$28.73
Upside	26.05%
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	21.05%	13.45%	0.38	0.31	0.29	0.27	0.17	0.14	0.15	0.14	0.12	0.11
YoY Growth	-	-	19.66%	9.32%	5.39%	62.45%	16.04%	-0.65%	2.89%	16.00%	8.08%	6.01%
Dividend Yield	-	-	1.81%	1.55%	2.05%	2.86%	1.01%	2.44%	1.86%	1.89%	0.89%	1.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,201.79
(-) Cash Dividends Paid (M)	668.85
(=) Cash Retained (M)	1,532.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	440.36	275.22	165.13
Cash Retained (M)	1,532.94	1,532.94	1,532.94
(-) Cash Required (M)	-440.36	-275.22	-165.13
(=) Excess Retained (M)	1,092.58	1,257.72	1,367.81
(/) Shares Outstanding (M)	1,313.23	1,313.23	1,313.23
(=) Excess Retained per Share	0.83	0.96	1.04
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.83	0.96	1.04
(=) Adjusted Dividend	1.34	1.47	1.55
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.87	$47.27	$72.33
Upside / Downside	14.41%	64.54%	151.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,201.79	2,344.91	2,497.33	2,659.65	2,832.53	3,016.65	3,107.15
Payout Ratio	30.38%	42.30%	54.23%	66.15%	78.08%	90.00%	92.50%
Projected Dividends (M)	668.85	991.94	1,354.21	1,759.39	2,211.51	2,714.98	2,874.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	894.88	903.37	911.85
Year 2 PV (M)	1,102.17	1,123.16	1,144.35
Year 3 PV (M)	1,291.82	1,328.91	1,366.69
Year 4 PV (M)	1,464.91	1,521.25	1,579.19
Year 5 PV (M)	1,622.44	1,700.81	1,782.17
PV of Terminal Value (M)	25,238.97	26,458.03	27,723.73
Equity Value (M)	31,615.20	33,035.51	34,507.99
Shares Outstanding (M)	1,313.23	1,313.23	1,313.23
Fair Value	$24.07	$25.16	$26.28
Upside / Downside	-16.20%	-12.44%	-8.54%

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Hangcha Group Co., Ltd (603298.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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