DDM Analysis: 000923.SZ

Valuation Snapshot

Stable Growth	$49.21 - $160.34	$150.26
Multi-Stage	$21.59 - $23.60	$22.57
Blended Fair Value	$86.42
Current Price	$17.91
Upside	382.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	126.79%	35.14%	0.60	0.30	0.30	0.11	0.26	0.01	1.16	0.11	0.14	0.02
YoY Growth	-	-	100.00%	0.08%	176.37%	-57.83%	2,471.89%	-99.14%	999.97%	-25.28%	505.16%	-21.21%
Dividend Yield	-	-	3.81%	1.78%	2.06%	0.75%	1.11%	0.08%	6.59%	0.47%	0.56%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	526.24
(-) Cash Dividends Paid (M)	326.36
(=) Cash Retained (M)	199.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	105.25	65.78	39.47
Cash Retained (M)	199.88	199.88	199.88
(-) Cash Required (M)	-105.25	-65.78	-39.47
(=) Excess Retained (M)	94.63	134.10	160.41
(/) Shares Outstanding (M)	652.72	652.72	652.72
(=) Excess Retained per Share	0.14	0.21	0.25
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.14	0.21	0.25
(=) Adjusted Dividend	0.64	0.71	0.75
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.21	$150.26	$160.34
Upside / Downside	174.74%	738.98%	795.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	526.24	560.45	596.88	635.67	676.99	721.00	742.63
Payout Ratio	62.02%	67.61%	73.21%	78.81%	84.40%	90.00%	92.50%
Projected Dividends (M)	326.36	378.94	436.98	500.96	571.41	648.90	686.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	351.21	354.54	357.87
Year 2 PV (M)	375.36	382.51	389.73
Year 3 PV (M)	398.83	410.27	421.94
Year 4 PV (M)	421.62	437.84	454.51
Year 5 PV (M)	443.76	465.19	487.45
PV of Terminal Value (M)	12,098.40	12,682.76	13,289.48
Equity Value (M)	14,089.18	14,733.11	15,400.98
Shares Outstanding (M)	652.72	652.72	652.72
Fair Value	$21.59	$22.57	$23.60
Upside / Downside	20.52%	26.03%	31.74%

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HBIS Resources Co., Ltd. (000923.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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