DDM Analysis: CXH

Valuation Snapshot

Stable Growth	$2.39 - $3.21	$2.81
Multi-Stage	$8.34 - $9.23	$8.77
Blended Fair Value	$5.79
Current Price	$7.58
Upside	-23.57%
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	-8.86%	-8.67%	0.30	0.31	0.46	0.51	0.51	0.48	0.53	0.65	0.69	0.72
YoY Growth	-	-	-1.24%	-33.12%	-10.41%	0.14%	6.10%	-9.53%	-18.28%	-6.05%	-4.15%	-3.51%
Dividend Yield	-	-	3.67%	4.21%	6.27%	5.18%	5.31%	4.88%	6.04%	6.71%	7.39%	7.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.66
(-) Cash Dividends Paid (M)	3.75
(=) Cash Retained (M)	0.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.93	0.58	0.35
Cash Retained (M)	0.91	0.91	0.91
(-) Cash Required (M)	-0.93	-0.58	-0.35
(=) Excess Retained (M)	-0.02	0.33	0.56
(/) Shares Outstanding (M)	8.20	8.20	8.20
(=) Excess Retained per Share	0.00	0.04	0.07
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.00	0.04	0.07
(=) Adjusted Dividend	0.45	0.50	0.53
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-10.67%	-9.67%	-8.67%
Fair Value	$2.39	$2.81	$3.21
Upside / Downside	-68.43%	-62.90%	-57.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.66	4.21	3.80	3.44	3.10	2.80	2.89
Payout Ratio	80.40%	82.32%	84.24%	86.16%	88.08%	90.00%	92.50%
Projected Dividends (M)	3.75	3.47	3.20	2.96	2.73	2.52	2.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-10.67%	-9.67%	-8.67%
Year 1 PV (M)	3.22	3.26	3.30
Year 2 PV (M)	2.77	2.83	2.90
Year 3 PV (M)	2.38	2.46	2.55
Year 4 PV (M)	2.05	2.14	2.24
Year 5 PV (M)	1.76	1.86	1.96
PV of Terminal Value (M)	56.17	59.38	62.74
Equity Value (M)	68.35	71.94	75.68
Shares Outstanding (M)	8.20	8.20	8.20
Fair Value	$8.34	$8.77	$9.23
Upside / Downside	9.98%	15.75%	21.78%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
0258.HK	Tomson Group Limited	1.44%	$0.03	7.69%
055490.KS	Tapex Co., Ltd.	1.44%	$199.78	51.52%
2756.TWO	Lian Fa International Dining Business Corp.	1.44%	$1.18	40.55%
300130.SZ	XGD Inc.	1.44%	$0.40	65.84%
300194.SZ	Fuan Pharmaceutical (Group) Co., Ltd.	1.44%	$0.06	52.37%
301058.SZ	COFCO Technology & Industry Co., Ltd.	1.44%	$0.16	34.15%
3393.HK	Wasion Holdings Limited	1.44%	$0.26	17.68%
5536.TWO	Acter Group Corporation Limited	1.44%	$10.99	47.44%
600809.SS	Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.	1.44%	$2.47	24.55%
6485.T	Maezawa Kyuso Industries Co.,Ltd.	1.44%	$22.77	15.91%
6506.T	YASKAWA Electric Corporation	1.44%	$68.32	30.92%
688092.SS	Hangzhou IECHO Science & Technology Co., Ltd.	1.44%	$0.36	55.35%
ISS.CO	ISS A/S	1.44%	$3.10	19.54%
003027.SZ	Tongxing Environmental Protection Technology Co.,Ltd	1.43%	$0.32	50.08%
0W19.L	Datagroup Se	1.43%	$1.00	34.00%
0YG7.L	Beijer Alma AB (publ)	1.43%	$4.12	46.18%
2427.T	OUTSOURCING Inc.	1.43%	$24.98	56.59%
300409.SZ	Guangdong Dowstone Technology Co., Ltd.	1.43%	$0.32	58.17%
600362.SS	Jiangxi Copper Company Limited	1.43%	$0.79	33.95%
600409.SS	Tangshan Sanyou Chemical Industries Co.,Ltd	1.43%	$0.09	81.03%
601858.SS	China Science Publishing & Media Ltd.	1.43%	$0.26	39.12%
603283.SS	Suzhou Secote Precision Electronic Co.,LTD	1.43%	$0.62	25.98%
603757.SS	Zhejiang Dayuan Pumps Industry Co., Ltd	1.43%	$0.63	58.53%
6479.T	MinebeaMitsumi Inc.	1.43%	$45.06	29.19%
7012.T	Kawasaki Heavy Industries, Ltd.	1.43%	$148.51	32.29%
9630.SR	Ratio Speciality Company for Trading	1.43%	$0.10	14.11%
G	Genpact Limited	1.43%	$0.66	20.93%
GIL	Gildan Activewear Inc.	1.43%	$0.90	28.59%
MRU.TO	Metro Inc.	1.43%	$1.42	30.52%
SIMINN.IC	Síminn hf.	1.43%	$0.21	33.47%
002568.SZ	Shanghai Bairun Investment Holding Group Co., Ltd.	1.42%	$0.31	46.41%
2270.HK	Desun Real Estate Investment Services Group Co., Ltd.	1.42%	$0.06	41.57%
300294.SZ	China Resources Boya Bio-pharmaceutical Group Co., Ltd.	1.42%	$0.32	49.45%
300433.SZ	Lens Technology Co., Ltd.	1.42%	$0.43	54.16%
300906.SZ	Jiangxi Everbright Measurement And Control Technology Co.,Ltd.	1.42%	$0.50	58.74%
301588.SZ	Newtechwood Corp	1.42%	$0.26	67.53%
4684.T	OBIC Co.,Ltd.	1.42%	$70.00	44.07%
600023.SS	Zhejiang Zheneng Electric Power Co., Ltd.	1.42%	$0.07	12.91%
600268.SS	Guodian Nanjing Automation Co., Ltd.	1.42%	$0.15	33.78%
605089.SS	Suzhou Weizhixiang Food Co., Ltd.	1.42%	$0.36	67.75%
688677.SS	Qingdao NovelBeam Technology Co.,Ltd.	1.42%	$0.61	52.58%
7456.T	MATSUDA SANGYO Co., Ltd.	1.42%	$75.07	17.79%
DNR.MI	Industrie De Nora S.p.A.	1.42%	$0.10	22.74%
000039.SZ	China International Marine Containers (Group) Co., Ltd.	1.41%	$0.14	31.30%
000778.SZ	Xinxing Ductile Iron Pipes Co., Ltd.	1.41%	$0.06	60.76%
002434.SZ	Zhejiang Wanliyang Co., Ltd.	1.41%	$0.13	54.38%
0354.HK	Chinasoft International Limited	1.41%	$0.07	16.05%
300298.SZ	Sinocare Inc.	1.41%	$0.24	47.22%
600063.SS	Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd	1.41%	$0.08	31.80%
603058.SS	GuiZhou YongJi Printing CO.,LTD	1.41%	$0.13	42.37%

Financial Statements

Fundamentals

Valuations

Miscellaneous

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Ticker

Industry

Sector

MFS Investment Grade Municipal Trust (CXH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener