DDM Analysis: 000530.SZ

Valuation Snapshot

Stable Growth	$22.10 - $26.04	$24.40
Multi-Stage	$15.19 - $16.68	$15.92
Blended Fair Value	$20.16
Current Price	$6.11
Upside	229.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.88%	0.10%	0.07	0.05	0.04	0.03	0.06	0.07	0.07	0.09	0.05	0.07
YoY Growth	-	-	36.61%	36.33%	23.85%	-47.52%	-20.94%	-0.29%	-15.89%	71.77%	-30.28%	5.04%
Dividend Yield	-	-	1.21%	1.13%	0.81%	0.66%	1.45%	1.97%	1.49%	1.68%	0.63%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	106.05
(-) Cash Dividends Paid (M)	15.99
(=) Cash Retained (M)	90.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.21	13.26	7.95
Cash Retained (M)	90.06	90.06	90.06
(-) Cash Required (M)	-21.21	-13.26	-7.95
(=) Excess Retained (M)	68.85	76.80	82.10
(/) Shares Outstanding (M)	809.98	809.98	809.98
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	2.02%	2.02%	2.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.10	$24.40	$26.04
Upside / Downside	261.73%	299.39%	326.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.05	112.95	120.29	128.11	136.43	145.30	149.66
Payout Ratio	15.08%	30.07%	45.05%	60.03%	75.02%	90.00%	92.50%
Projected Dividends (M)	15.99	33.96	54.19	76.91	102.35	130.77	138.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.02%	2.02%	2.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	32.97	33.28	33.60
Year 2 PV (M)	51.09	52.06	53.04
Year 3 PV (M)	70.40	72.42	74.48
Year 4 PV (M)	90.97	94.47	98.07
Year 5 PV (M)	112.86	118.31	123.97
PV of Terminal Value (M)	11,947.44	12,524.51	13,123.66
Equity Value (M)	12,305.73	12,895.05	13,506.82
Shares Outstanding (M)	809.98	809.98	809.98
Fair Value	$15.19	$15.92	$16.68
Upside / Downside	148.65%	160.56%	172.92%

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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. (000530.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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