DDM Analysis: 301200.SZ

Valuation Snapshot

Stable Growth	$209.87 - $267.04	$250.16
Multi-Stage	$134.37 - $148.04	$141.07
Blended Fair Value	$195.62
Current Price	$97.56
Upside	100.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	-52.37%	0.00%	0.01	2.84	0.42	0.37	0.00	0.36	0.00	0.00	0.00	0.00
YoY Growth	-	-	-99.69%	576.84%	12.16%	0.00%	-100.00%	14,335.58%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.02%	8.19%	0.96%	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	589.86
(-) Cash Dividends Paid (M)	173.62
(=) Cash Retained (M)	416.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	117.97	73.73	44.24
Cash Retained (M)	416.24	416.24	416.24
(-) Cash Required (M)	-117.97	-73.73	-44.24
(=) Excess Retained (M)	298.27	342.51	372.00
(/) Shares Outstanding (M)	421.43	421.43	421.43
(=) Excess Retained per Share	0.71	0.81	0.88
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.71	0.81	0.88
(=) Adjusted Dividend	1.12	1.22	1.29
WACC / Discount Rate	1.67%	1.67%	1.67%
Growth Rate	1.13%	2.13%	3.13%
Fair Value	$209.87	$250.16	$267.04
Upside / Downside	115.11%	156.42%	173.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	589.86	602.43	615.28	628.39	641.79	655.47	675.13
Payout Ratio	29.43%	41.55%	53.66%	65.77%	77.89%	90.00%	92.50%
Projected Dividends (M)	173.62	250.29	330.16	413.32	499.87	589.92	624.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.67%	1.67%	1.67%
Growth Rate	1.13%	2.13%	3.13%
Year 1 PV (M)	243.77	246.18	248.59
Year 2 PV (M)	313.17	319.39	325.68
Year 3 PV (M)	381.83	393.27	404.93
Year 4 PV (M)	449.75	467.80	486.39
Year 5 PV (M)	516.93	543.00	570.11
PV of Terminal Value (M)	54,723.18	57,482.75	60,352.55
Equity Value (M)	56,628.62	59,452.39	62,388.25
Shares Outstanding (M)	421.43	421.43	421.43
Fair Value	$134.37	$141.07	$148.04
Upside / Downside	37.73%	44.60%	51.74%

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Shenzhen Han's CNC Technology Co., Ltd. (301200.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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