DDM Analysis: 002498.SZ

Valuation Snapshot

Stable Growth	$6.84 - $32.46	$15.01
Multi-Stage	$4.41 - $4.83	$4.61
Blended Fair Value	$9.81
Current Price	$3.60
Upside	172.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.08%	-3.69%	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.02	0.13
YoY Growth	-	-	-6.80%	7.97%	3.29%	1.43%	0.08%	-14.17%	8.80%	58.03%	-81.78%	141.95%
Dividend Yield	-	-	1.06%	1.09%	0.92%	0.84%	0.94%	0.95%	1.32%	1.27%	0.59%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	547.23
(-) Cash Dividends Paid (M)	163.48
(=) Cash Retained (M)	383.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	109.45	68.40	41.04
Cash Retained (M)	383.74	383.74	383.74
(-) Cash Required (M)	-109.45	-68.40	-41.04
(=) Excess Retained (M)	274.30	315.34	342.70
(/) Shares Outstanding (M)	3,325.86	3,325.86	3,325.86
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	4.64%	5.64%	6.64%
Fair Value	$6.84	$15.01	$32.46
Upside / Downside	90.05%	316.98%	801.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	547.23	578.11	610.74	645.21	681.62	720.09	741.70
Payout Ratio	29.88%	41.90%	53.93%	65.95%	77.98%	90.00%	92.50%
Projected Dividends (M)	163.48	242.23	329.34	425.52	531.50	648.08	686.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	4.64%	5.64%	6.64%
Year 1 PV (M)	224.96	227.11	229.26
Year 2 PV (M)	284.06	289.51	295.02
Year 3 PV (M)	340.84	350.71	360.76
Year 4 PV (M)	395.38	410.72	426.49
Year 5 PV (M)	447.74	469.55	492.20
PV of Terminal Value (M)	12,960.70	13,591.92	14,247.51
Equity Value (M)	14,653.69	15,339.52	16,051.24
Shares Outstanding (M)	3,325.86	3,325.86	3,325.86
Fair Value	$4.41	$4.61	$4.83
Upside / Downside	22.39%	28.12%	34.06%

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Qingdao Hanhe Cable Co.,Ltd (002498.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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