DDM Analysis: 600885.SS

Valuation Snapshot

Stable Growth	$89.24 - $243.33	$228.03
Multi-Stage	$34.12 - $37.35	$35.71
Blended Fair Value	$131.87
Current Price	$26.36
Upside	400.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.76%	33.38%	0.33	0.25	0.21	0.17	0.14	0.14	0.14	0.09	0.07	0.11
YoY Growth	-	-	29.38%	18.34%	26.18%	17.24%	0.00%	1.50%	60.00%	25.00%	-33.33%	481.27%
Dividend Yield	-	-	1.24%	1.35%	0.92%	0.70%	0.57%	1.02%	0.99%	0.58%	0.53%	1.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,831.34
(-) Cash Dividends Paid (M)	585.59
(=) Cash Retained (M)	1,245.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	366.27	228.92	137.35
Cash Retained (M)	1,245.76	1,245.76	1,245.76
(-) Cash Required (M)	-366.27	-228.92	-137.35
(=) Excess Retained (M)	879.49	1,016.84	1,108.41
(/) Shares Outstanding (M)	1,496.79	1,496.79	1,496.79
(=) Excess Retained per Share	0.59	0.68	0.74
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.59	0.68	0.74
(=) Adjusted Dividend	0.98	1.07	1.13
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$89.24	$228.03	$243.33
Upside / Downside	238.55%	765.07%	823.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,831.34	1,950.38	2,077.15	2,212.17	2,355.96	2,509.10	2,584.37
Payout Ratio	31.98%	43.58%	55.19%	66.79%	78.40%	90.00%	92.50%
Projected Dividends (M)	585.59	849.99	1,146.29	1,477.51	1,846.96	2,258.19	2,390.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	789.45	796.93	804.42
Year 2 PV (M)	988.83	1,007.66	1,026.67
Year 3 PV (M)	1,183.78	1,217.76	1,252.39
Year 4 PV (M)	1,374.39	1,427.24	1,481.61
Year 5 PV (M)	1,560.72	1,636.10	1,714.37
PV of Terminal Value (M)	45,177.63	47,359.72	49,625.33
Equity Value (M)	51,074.79	53,445.43	55,904.79
Shares Outstanding (M)	1,496.79	1,496.79	1,496.79
Fair Value	$34.12	$35.71	$37.35
Upside / Downside	29.45%	35.46%	41.69%

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Hongfa Technology Co., Ltd. (600885.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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