DDM Analysis: 300515.SZ

Valuation Snapshot

Stable Growth	$64.26 - $178.00	$166.81
Multi-Stage	$24.86 - $27.21	$26.01
Blended Fair Value	$96.41
Current Price	$20.13
Upside	378.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.92%	8.03%	0.15	0.19	0.17	0.15	0.13	0.10	0.07	0.10	0.00	0.07
YoY Growth	-	-	-21.28%	10.63%	9.98%	22.37%	24.91%	34.65%	-24.99%	2,421.69%	-94.10%	-1.58%
Dividend Yield	-	-	0.89%	1.90%	1.05%	1.45%	1.33%	1.13%	0.68%	0.91%	0.02%	1.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	180.33
(-) Cash Dividends Paid (M)	60.60
(=) Cash Retained (M)	119.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.07	22.54	13.52
Cash Retained (M)	119.73	119.73	119.73
(-) Cash Required (M)	-36.07	-22.54	-13.52
(=) Excess Retained (M)	83.66	97.19	106.20
(/) Shares Outstanding (M)	201.48	201.48	201.48
(=) Excess Retained per Share	0.42	0.48	0.53
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.42	0.48	0.53
(=) Adjusted Dividend	0.72	0.78	0.83
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$64.26	$166.81	$178.00
Upside / Downside	219.24%	728.66%	784.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	180.33	192.05	204.53	217.82	231.98	247.06	254.47
Payout Ratio	33.61%	44.88%	56.16%	67.44%	78.72%	90.00%	92.50%
Projected Dividends (M)	60.60	86.20	114.87	146.91	182.62	222.36	235.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	80.05	80.81	81.56
Year 2 PV (M)	99.06	100.94	102.85
Year 3 PV (M)	117.64	121.02	124.46
Year 4 PV (M)	135.80	141.02	146.39
Year 5 PV (M)	153.55	160.96	168.66
PV of Terminal Value (M)	4,422.45	4,636.06	4,857.84
Equity Value (M)	5,008.54	5,240.81	5,481.77
Shares Outstanding (M)	201.48	201.48	201.48
Fair Value	$24.86	$26.01	$27.21
Upside / Downside	23.49%	29.22%	35.16%

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Hunan Sundy Science and Technology Co., Ltd. (300515.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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