DDM Analysis: 300145.SZ

Valuation Snapshot

Stable Growth	$21.38 - $25.20	$23.61
Multi-Stage	$13.11 - $14.43	$13.76
Blended Fair Value	$18.68
Current Price	$4.62
Upside	304.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.93%	11.73%	0.05	0.06	0.07	0.08	0.10	0.07	0.10	0.07	0.04	0.02
YoY Growth	-	-	-21.35%	-9.11%	-14.39%	-18.16%	39.46%	-32.78%	42.18%	59.44%	165.21%	7.37%
Dividend Yield	-	-	1.23%	1.93%	2.52%	2.81%	3.12%	2.05%	2.35%	0.96%	0.46%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	250.54
(-) Cash Dividends Paid (M)	46.97
(=) Cash Retained (M)	203.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.11	31.32	18.79
Cash Retained (M)	203.57	203.57	203.57
(-) Cash Required (M)	-50.11	-31.32	-18.79
(=) Excess Retained (M)	153.46	172.25	184.78
(/) Shares Outstanding (M)	1,918.35	1,918.35	1,918.35
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	1.88%	1.88%	1.88%
Growth Rate	2.30%	3.30%	4.30%
Fair Value	$21.38	$23.61	$25.20
Upside / Downside	362.72%	411.05%	445.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	250.54	258.82	267.37	276.20	285.33	294.75	303.60
Payout Ratio	18.75%	33.00%	47.25%	61.50%	75.75%	90.00%	92.50%
Projected Dividends (M)	46.97	85.41	126.33	169.86	216.13	265.28	280.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.88%	1.88%	1.88%
Growth Rate	2.30%	3.30%	4.30%
Year 1 PV (M)	83.02	83.83	84.64
Year 2 PV (M)	119.36	121.70	124.07
Year 3 PV (M)	156.00	160.62	165.33
Year 4 PV (M)	192.94	200.60	208.48
Year 5 PV (M)	230.19	241.66	253.58
PV of Terminal Value (M)	24,367.69	25,582.15	26,844.55
Equity Value (M)	25,149.19	26,390.55	27,680.65
Shares Outstanding (M)	1,918.35	1,918.35	1,918.35
Fair Value	$13.11	$13.76	$14.43
Upside / Downside	183.76%	197.77%	212.32%

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Nanfang Pump Industry Co., Ltd. Class A (300145.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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