DDM Analysis: 001336.SZ

Valuation Snapshot

Stable Growth	$2.78 - $4.16	$3.44
Multi-Stage	$4.59 - $5.05	$4.81
Blended Fair Value	$4.13
Current Price	$23.13
Upside	-82.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	281.18%	0.00%	0.16	0.13	0.01	0.01	0.10	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	18.02%	1,128.75%	7.18%	-90.27%	53,110.65%	60.42%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.72%	0.63%	0.04%	0.03%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.42
(-) Cash Dividends Paid (M)	4.28
(=) Cash Retained (M)	22.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.28	3.30	1.98
Cash Retained (M)	22.14	22.14	22.14
(-) Cash Required (M)	-5.28	-3.30	-1.98
(=) Excess Retained (M)	16.85	18.83	20.16
(/) Shares Outstanding (M)	78.90	78.90	78.90
(=) Excess Retained per Share	0.21	0.24	0.26
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.21	0.24	0.26
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	8.23%	8.23%	8.23%
Growth Rate	-1.27%	-0.27%	0.73%
Fair Value	$2.78	$3.44	$4.16
Upside / Downside	-87.97%	-85.14%	-82.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.42	26.35	26.28	26.21	26.14	26.07	26.85
Payout Ratio	16.21%	30.96%	45.72%	60.48%	75.24%	90.00%	92.50%
Projected Dividends (M)	4.28	8.16	12.01	15.85	19.67	23.46	24.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.23%	8.23%	8.23%
Growth Rate	-1.27%	-0.27%	0.73%
Year 1 PV (M)	7.46	7.54	7.61
Year 2 PV (M)	10.05	10.26	10.46
Year 3 PV (M)	12.13	12.50	12.88
Year 4 PV (M)	13.76	14.33	14.91
Year 5 PV (M)	15.02	15.79	16.60
PV of Terminal Value (M)	303.70	319.40	335.74
Equity Value (M)	362.13	379.82	398.21
Shares Outstanding (M)	78.90	78.90	78.90
Fair Value	$4.59	$4.81	$5.05
Upside / Downside	-80.16%	-79.19%	-78.18%

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Hangzhou Chuhuan Science & Technology Company Limited (001336.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener