DDM Analysis: 002763.SZ

Valuation Snapshot

Stable Growth	$2.74 - $5.02	$3.69
Multi-Stage	$4.87 - $5.35	$5.10
Blended Fair Value	$4.40
Current Price	$7.01
Upside	-37.30%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.29%	8.72%	0.40	0.50	0.00	1.01	0.40	0.43	0.29	0.21	0.16	0.15
YoY Growth	-	-	-20.00%	0.00%	-100.00%	149.43%	-6.10%	50.00%	35.00%	33.33%	4.91%	-13.09%
Dividend Yield	-	-	6.05%	6.64%	0.00%	11.45%	5.61%	5.82%	3.04%	1.67%	0.93%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	78.23
(-) Cash Dividends Paid (M)	61.49
(=) Cash Retained (M)	16.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.65	9.78	5.87
Cash Retained (M)	16.74	16.74	16.74
(-) Cash Required (M)	-15.65	-9.78	-5.87
(=) Excess Retained (M)	1.10	6.97	10.88
(/) Shares Outstanding (M)	407.68	407.68	407.68
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.15	0.17	0.18
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	0.70%	1.70%	2.70%
Fair Value	$2.74	$3.69	$5.02
Upside / Downside	-60.85%	-47.41%	-28.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	78.23	79.57	80.92	82.30	83.70	85.12	87.68
Payout Ratio	78.60%	80.88%	83.16%	85.44%	87.72%	90.00%	92.50%
Projected Dividends (M)	61.49	64.35	67.29	70.31	73.42	76.61	81.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	0.70%	1.70%	2.70%
Year 1 PV (M)	59.92	60.52	61.11
Year 2 PV (M)	58.35	59.51	60.69
Year 3 PV (M)	56.77	58.48	60.22
Year 4 PV (M)	55.20	57.43	59.72
Year 5 PV (M)	53.64	56.35	59.18
PV of Terminal Value (M)	1,702.59	1,788.82	1,878.51
Equity Value (M)	1,986.47	2,081.11	2,179.43
Shares Outstanding (M)	407.68	407.68	407.68
Fair Value	$4.87	$5.10	$5.35
Upside / Downside	-30.49%	-27.18%	-23.74%

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Shenzhen Huijie Group Co., Ltd. (002763.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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