DDM Analysis: 000921.SZ

Valuation Snapshot

Stable Growth	$57.19 - $150.81	$87.29
Multi-Stage	$38.20 - $41.79	$39.96
Blended Fair Value	$63.62
Current Price	$26.04
Upside	144.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.36%	66.75%	1.09	0.52	0.21	0.34	0.39	0.30	0.44	0.30	0.15	0.01
YoY Growth	-	-	108.46%	146.00%	-38.33%	-12.15%	30.36%	-31.14%	46.67%	100.00%	1,664.94%	28.68%
Dividend Yield	-	-	3.66%	1.66%	1.01%	3.09%	2.34%	3.17%	2.95%	2.43%	1.05%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,366.68
(-) Cash Dividends Paid (M)	71.57
(=) Cash Retained (M)	3,295.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	673.34	420.84	252.50
Cash Retained (M)	3,295.11	3,295.11	3,295.11
(-) Cash Required (M)	-673.34	-420.84	-252.50
(=) Excess Retained (M)	2,621.78	2,874.28	3,042.61
(/) Shares Outstanding (M)	1,374.31	1,374.31	1,374.31
(=) Excess Retained per Share	1.91	2.09	2.21
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	1.91	2.09	2.21
(=) Adjusted Dividend	1.96	2.14	2.27
WACC / Discount Rate	9.12%	9.12%	9.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$57.19	$87.29	$150.81
Upside / Downside	119.62%	235.21%	479.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,366.68	3,585.52	3,818.58	4,066.78	4,331.12	4,612.65	4,751.03
Payout Ratio	2.13%	19.70%	37.28%	54.85%	72.43%	90.00%	92.50%
Projected Dividends (M)	71.57	706.37	1,423.39	2,230.64	3,136.82	4,151.38	4,394.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.12%	9.12%	9.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	641.28	647.36	653.44
Year 2 PV (M)	1,173.17	1,195.51	1,218.07
Year 3 PV (M)	1,669.10	1,717.01	1,765.84
Year 4 PV (M)	2,130.88	2,212.83	2,297.12
Year 5 PV (M)	2,560.24	2,683.90	2,812.29
PV of Terminal Value (M)	44,320.31	46,461.00	48,683.61
Equity Value (M)	52,494.98	54,917.61	57,430.37
Shares Outstanding (M)	1,374.31	1,374.31	1,374.31
Fair Value	$38.20	$39.96	$41.79
Upside / Downside	46.69%	53.46%	60.48%

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Hisense Home Appliances Group Co., Ltd. (000921.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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