DDM Analysis: 000548.SZ

Valuation Snapshot

Stable Growth	$15.62 - $18.40	$17.25
Multi-Stage	$11.88 - $13.03	$12.44
Blended Fair Value	$14.85
Current Price	$5.27
Upside	181.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.82%	10.10%	0.10	0.02	0.02	0.04	0.00	0.02	0.05	0.05	0.00	0.05
YoY Growth	-	-	397.20%	0.00%	-44.07%	1,569.22%	-89.29%	-60.00%	0.02%	1,512.22%	-93.80%	31.60%
Dividend Yield	-	-	1.86%	0.43%	0.42%	0.76%	0.05%	0.55%	0.93%	0.80%	0.03%	0.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.00
(-) Cash Dividends Paid (M)	27.57
(=) Cash Retained (M)	18.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.20	5.75	3.45
Cash Retained (M)	18.43	18.43	18.43
(-) Cash Required (M)	-9.20	-5.75	-3.45
(=) Excess Retained (M)	9.23	12.68	14.98
(/) Shares Outstanding (M)	497.02	497.02	497.02
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	0.13%	0.13%	0.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.62	$17.25	$18.40
Upside / Downside	196.42%	227.29%	249.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.00	48.99	52.17	55.56	59.17	63.02	64.91
Payout Ratio	59.94%	65.95%	71.96%	77.97%	83.99%	90.00%	92.50%
Projected Dividends (M)	27.57	32.31	37.54	43.32	49.70	56.72	60.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.13%	0.13%	0.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	31.96	32.26	32.57
Year 2 PV (M)	36.75	37.45	38.15
Year 3 PV (M)	41.95	43.16	44.38
Year 4 PV (M)	47.61	49.44	51.33
Year 5 PV (M)	53.76	56.35	59.05
PV of Terminal Value (M)	5,690.70	5,965.56	6,250.95
Equity Value (M)	5,902.73	6,184.23	6,476.42
Shares Outstanding (M)	497.02	497.02	497.02
Fair Value	$11.88	$12.44	$13.03
Upside / Downside	125.36%	136.10%	147.26%

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Hunan Investment Group Co., Ltd. (000548.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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