DDM Analysis: 605056.SS

Valuation Snapshot

Stable Growth	$5.71 - $8.86	$7.17
Multi-Stage	$13.30 - $14.63	$13.95
Blended Fair Value	$10.56
Current Price	$16.22
Upside	-34.89%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-13.33%	0.00%	0.15	0.35	0.34	0.39	0.30	0.30	0.28	0.14	0.00	0.00
YoY Growth	-	-	-57.34%	3.31%	-14.62%	30.03%	-0.05%	6.21%	107.15%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.07%	2.46%	2.68%	2.73%	1.54%	1.54%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	254.34
(-) Cash Dividends Paid (M)	146.11
(=) Cash Retained (M)	108.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.87	31.79	19.08
Cash Retained (M)	108.23	108.23	108.23
(-) Cash Required (M)	-50.87	-31.79	-19.08
(=) Excess Retained (M)	57.36	76.43	89.15
(/) Shares Outstanding (M)	417.83	417.83	417.83
(=) Excess Retained per Share	0.14	0.18	0.21
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.14	0.18	0.21
(=) Adjusted Dividend	0.49	0.53	0.56
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.71	$7.17	$8.86
Upside / Downside	-64.79%	-55.80%	-45.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	254.34	251.80	249.28	246.79	244.32	241.87	249.13
Payout Ratio	57.45%	63.96%	70.47%	76.98%	83.49%	90.00%	92.50%
Projected Dividends (M)	146.11	161.05	175.66	189.97	203.98	217.69	230.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	149.89	151.42	152.95
Year 2 PV (M)	152.18	155.30	158.45
Year 3 PV (M)	153.17	157.91	162.74
Year 4 PV (M)	153.08	159.42	165.96
Year 5 PV (M)	152.05	159.97	168.21
PV of Terminal Value (M)	4,796.74	5,046.52	5,306.60
Equity Value (M)	5,557.11	5,830.54	6,114.92
Shares Outstanding (M)	417.83	417.83	417.83
Fair Value	$13.30	$13.95	$14.63
Upside / Downside	-18.00%	-13.97%	-9.77%

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Xianheng International Science&Technology Co., Ltd. (605056.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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