DDM Analysis: 002860.SZ

Valuation Snapshot

Stable Growth	$88.62 - $104.41	$97.85
Multi-Stage	$59.50 - $65.31	$62.35
Blended Fair Value	$80.10
Current Price	$13.81
Upside	480.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.93%	4.08%	0.10	0.09	0.11	0.09	0.07	0.05	0.07	0.06	0.05	0.05
YoY Growth	-	-	4.70%	-15.18%	15.46%	27.42%	40.60%	-23.34%	23.30%	1.55%	8.57%	-22.09%
Dividend Yield	-	-	0.94%	0.88%	0.79%	0.76%	0.68%	0.54%	0.72%	0.47%	0.68%	0.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	175.43
(-) Cash Dividends Paid (M)	36.86
(=) Cash Retained (M)	138.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.09	21.93	13.16
Cash Retained (M)	138.57	138.57	138.57
(-) Cash Required (M)	-35.09	-21.93	-13.16
(=) Excess Retained (M)	103.48	116.64	125.41
(/) Shares Outstanding (M)	334.14	334.14	334.14
(=) Excess Retained per Share	0.31	0.35	0.38
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.31	0.35	0.38
(=) Adjusted Dividend	0.42	0.46	0.49
WACC / Discount Rate	2.53%	2.53%	2.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$88.62	$97.85	$104.41
Upside / Downside	541.72%	608.54%	656.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	175.43	186.83	198.97	211.91	225.68	240.35	247.56
Payout Ratio	21.01%	34.81%	48.61%	62.40%	76.20%	90.00%	92.50%
Projected Dividends (M)	36.86	65.03	96.71	132.24	171.97	216.31	228.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.53%	2.53%	2.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	62.83	63.43	64.02
Year 2 PV (M)	90.28	92.00	93.73
Year 3 PV (M)	119.26	122.68	126.17
Year 4 PV (M)	149.85	155.61	161.54
Year 5 PV (M)	182.10	190.90	200.03
PV of Terminal Value (M)	19,277.47	20,208.58	21,175.32
Equity Value (M)	19,881.78	20,833.19	21,820.81
Shares Outstanding (M)	334.14	334.14	334.14
Fair Value	$59.50	$62.35	$65.31
Upside / Downside	330.86%	351.48%	372.88%

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Hangzhou Star Shuaier Electric Appliance Co., Ltd. (002860.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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