DDM Analysis: 688662.SS

Valuation Snapshot

Stable Growth	$3.06 - $4.31	$3.68
Multi-Stage	$8.64 - $9.53	$9.08
Blended Fair Value	$6.38
Current Price	$48.52
Upside	-86.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-34.54%	0.00%	0.03	0.28	0.42	0.36	0.34	0.27	0.17	0.15	0.00	0.00
YoY Growth	-	-	-88.64%	-33.79%	19.08%	4.02%	29.08%	53.03%	15.82%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.08%	1.04%	1.26%	1.15%	0.95%	0.74%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.91
(-) Cash Dividends Paid (M)	32.66
(=) Cash Retained (M)	11.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.78	5.49	3.29
Cash Retained (M)	11.25	11.25	11.25
(-) Cash Required (M)	-8.78	-5.49	-3.29
(=) Excess Retained (M)	2.47	5.76	7.96
(/) Shares Outstanding (M)	87.11	87.11	87.11
(=) Excess Retained per Share	0.03	0.07	0.09
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.03	0.07	0.09
(=) Adjusted Dividend	0.40	0.44	0.47
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-5.81%	-4.81%	-3.81%
Fair Value	$3.06	$3.68	$4.31
Upside / Downside	-93.69%	-92.42%	-91.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.91	41.80	39.79	37.88	36.05	34.32	35.35
Payout Ratio	74.38%	77.50%	80.63%	83.75%	86.88%	90.00%	92.50%
Projected Dividends (M)	32.66	32.40	32.08	31.72	31.32	30.89	32.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-5.81%	-4.81%	-3.81%
Year 1 PV (M)	30.07	30.39	30.71
Year 2 PV (M)	27.64	28.23	28.83
Year 3 PV (M)	25.37	26.18	27.02
Year 4 PV (M)	23.25	24.25	25.29
Year 5 PV (M)	21.28	22.44	23.64
PV of Terminal Value (M)	625.23	659.13	694.48
Equity Value (M)	752.84	790.62	829.97
Shares Outstanding (M)	87.11	87.11	87.11
Fair Value	$8.64	$9.08	$9.53
Upside / Downside	-82.19%	-81.29%	-80.36%

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Guangdong Fuxin Technology Co., Ltd. (688662.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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