DDM Analysis: 000404.SZ

Valuation Snapshot

Stable Growth	$110.38 - $130.05	$121.88
Multi-Stage	$77.70 - $85.29	$81.42
Blended Fair Value	$101.65
Current Price	$7.11
Upside	1,329.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.63%	19.39%	0.34	0.41	0.28	0.18	0.10	0.11	0.14	0.11	0.11	0.07
YoY Growth	-	-	-16.48%	43.50%	58.19%	85.61%	-14.56%	-18.77%	30.42%	-3.12%	60.51%	18.77%
Dividend Yield	-	-	4.42%	5.76%	4.63%	3.60%	2.14%	3.21%	2.80%	1.84%	1.23%	0.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	454.14
(-) Cash Dividends Paid (M)	40.16
(=) Cash Retained (M)	413.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	90.83	56.77	34.06
Cash Retained (M)	413.98	413.98	413.98
(-) Cash Required (M)	-90.83	-56.77	-34.06
(=) Excess Retained (M)	323.16	357.22	379.92
(/) Shares Outstanding (M)	694.48	694.48	694.48
(=) Excess Retained per Share	0.47	0.51	0.55
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.47	0.51	0.55
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$110.38	$121.88	$130.05
Upside / Downside	1,452.51%	1,614.16%	1,729.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	454.14	483.66	515.10	548.58	584.24	622.21	640.88
Payout Ratio	8.84%	25.07%	41.31%	57.54%	73.77%	90.00%	92.50%
Projected Dividends (M)	40.16	121.27	212.76	315.64	430.98	559.99	592.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	118.34	119.47	120.59
Year 2 PV (M)	202.61	206.47	210.37
Year 3 PV (M)	293.32	301.74	310.32
Year 4 PV (M)	390.83	405.87	421.32
Year 5 PV (M)	495.56	519.50	544.35
PV of Terminal Value (M)	52,460.69	54,994.56	57,625.41
Equity Value (M)	53,961.36	56,547.59	59,232.35
Shares Outstanding (M)	694.48	694.48	694.48
Fair Value	$77.70	$81.42	$85.29
Upside / Downside	992.84%	1,045.21%	1,099.59%

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Changhong Huayi Compressor Co., Ltd. (000404.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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