DDM Analysis: 000932.SZ

Valuation Snapshot

Stable Growth	$15.29 - $78.98	$31.04
Multi-Stage	$11.64 - $12.75	$12.18
Blended Fair Value	$21.61
Current Price	$6.49
Upside	232.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.37%	0.81%	0.33	0.32	0.37	0.27	0.35	0.15	0.33	0.28	0.28	0.32
YoY Growth	-	-	2.97%	-13.20%	36.60%	-22.30%	124.94%	-53.41%	15.90%	1.01%	-11.58%	5.36%
Dividend Yield	-	-	6.58%	6.07%	6.58%	4.88%	4.93%	3.91%	5.84%	5.26%	8.11%	11.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,770.57
(-) Cash Dividends Paid (M)	1,151.98
(=) Cash Retained (M)	1,618.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	554.11	346.32	207.79
Cash Retained (M)	1,618.58	1,618.58	1,618.58
(-) Cash Required (M)	-554.11	-346.32	-207.79
(=) Excess Retained (M)	1,064.47	1,272.26	1,410.79
(/) Shares Outstanding (M)	6,889.62	6,889.62	6,889.62
(=) Excess Retained per Share	0.15	0.18	0.20
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.15	0.18	0.20
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.16%	5.16%	6.16%
Fair Value	$15.29	$31.04	$78.98
Upside / Downside	135.53%	378.26%	1,116.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,770.57	2,913.44	3,063.67	3,221.65	3,387.78	3,562.47	3,669.35
Payout Ratio	41.58%	51.26%	60.95%	70.63%	80.32%	90.00%	92.50%
Projected Dividends (M)	1,151.98	1,493.53	1,867.23	2,275.51	2,720.92	3,206.22	3,394.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.16%	5.16%	6.16%
Year 1 PV (M)	1,391.01	1,404.37	1,417.72
Year 2 PV (M)	1,619.70	1,650.95	1,682.50
Year 3 PV (M)	1,838.37	1,891.83	1,946.32
Year 4 PV (M)	2,047.33	2,127.10	2,209.17
Year 5 PV (M)	2,246.90	2,356.86	2,471.07
PV of Terminal Value (M)	71,030.92	74,506.84	78,117.52
Equity Value (M)	80,174.24	83,937.95	87,844.31
Shares Outstanding (M)	6,889.62	6,889.62	6,889.62
Fair Value	$11.64	$12.18	$12.75
Upside / Downside	79.31%	87.72%	96.46%

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Hunan Valin Steel Co., Ltd. (000932.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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