DDM Analysis: 603192.SS

Valuation Snapshot

Stable Growth	$30.67 - $176.77	$57.31
Multi-Stage	$24.90 - $27.28	$26.07
Blended Fair Value	$41.69
Current Price	$21.60
Upside	93.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.41%	10.60%	0.18	0.17	0.29	0.29	0.30	0.29	0.00	0.32	0.57	0.27
YoY Growth	-	-	8.89%	-41.94%	-0.40%	-2.03%	4.49%	0.00%	-100.00%	-44.74%	110.99%	301.28%
Dividend Yield	-	-	1.11%	1.04%	1.48%	1.16%	1.67%	1.36%	0.00%	1.46%	2.63%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	124.69
(-) Cash Dividends Paid (M)	53.38
(=) Cash Retained (M)	71.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.94	15.59	9.35
Cash Retained (M)	71.31	71.31	71.31
(-) Cash Required (M)	-24.94	-15.59	-9.35
(=) Excess Retained (M)	46.37	55.72	61.96
(/) Shares Outstanding (M)	138.37	138.37	138.37
(=) Excess Retained per Share	0.34	0.40	0.45
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.34	0.40	0.45
(=) Adjusted Dividend	0.72	0.79	0.83
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	4.04%	5.04%	6.04%
Fair Value	$30.67	$57.31	$176.77
Upside / Downside	42.00%	165.32%	718.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	124.69	130.97	137.57	144.51	151.79	159.44	164.23
Payout Ratio	42.81%	52.25%	61.69%	71.12%	80.56%	90.00%	92.50%
Projected Dividends (M)	53.38	68.43	84.86	102.78	122.29	143.50	151.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	4.04%	5.04%	6.04%
Year 1 PV (M)	63.65	64.26	64.87
Year 2 PV (M)	73.42	74.84	76.27
Year 3 PV (M)	82.71	85.12	87.57
Year 4 PV (M)	91.54	95.11	98.78
Year 5 PV (M)	99.91	104.81	109.89
PV of Terminal Value (M)	3,033.98	3,182.62	3,337.02
Equity Value (M)	3,445.21	3,606.75	3,774.42
Shares Outstanding (M)	138.37	138.37	138.37
Fair Value	$24.90	$26.07	$27.28
Upside / Downside	15.27%	20.68%	26.29%

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Shanghai Huide Science & Technology Co.,Ltd (603192.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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