DDM Analysis: 300539.SZ

Valuation Snapshot

Stable Growth	$36.91 - $43.49	$40.76
Multi-Stage	$11.84 - $12.97	$12.39
Blended Fair Value	$26.57
Current Price	$46.68
Upside	-43.07%
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	8.49%	12.63%	0.13	0.08	0.13	0.08	0.08	0.09	0.03	0.04	0.02	0.02
YoY Growth	-	-	72.79%	-39.89%	66.29%	-10.31%	-2.96%	214.79%	-25.87%	50.64%	16.04%	-46.43%
Dividend Yield	-	-	0.88%	0.79%	0.97%	0.92%	1.25%	1.27%	0.23%	0.38%	0.11%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.25
(-) Cash Dividends Paid (M)	40.35
(=) Cash Retained (M)	10.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.25	6.41	3.84
Cash Retained (M)	10.90	10.90	10.90
(-) Cash Required (M)	-10.25	-6.41	-3.84
(=) Excess Retained (M)	0.65	4.50	7.06
(/) Shares Outstanding (M)	234.36	234.36	234.36
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	4.96%	4.96%	4.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.91	$40.76	$43.49
Upside / Downside	-20.92%	-12.69%	-6.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.25	54.58	58.13	61.91	65.93	70.22	72.33
Payout Ratio	78.72%	80.98%	83.23%	85.49%	87.74%	90.00%	92.50%
Projected Dividends (M)	40.35	44.20	48.39	52.93	57.85	63.20	66.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.96%	4.96%	4.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41.72	42.11	42.51
Year 2 PV (M)	43.10	43.92	44.75
Year 3 PV (M)	44.49	45.77	47.07
Year 4 PV (M)	45.90	47.66	49.48
Year 5 PV (M)	47.32	49.60	51.98
PV of Terminal Value (M)	2,551.74	2,674.99	2,802.95
Equity Value (M)	2,774.26	2,904.05	3,038.73
Shares Outstanding (M)	234.36	234.36	234.36
Fair Value	$11.84	$12.39	$12.97
Upside / Downside	-74.64%	-73.45%	-72.22%

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Ningbo Henghe Precision Industry Co.,Ltd. (300539.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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