DDM Analysis: 002064.SZ

Valuation Snapshot

Stable Growth	$28.56 - $66.36	$62.19
Multi-Stage	$9.88 - $10.81	$10.33
Blended Fair Value	$36.26
Current Price	$9.12
Upside	297.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.97%	26.10%	0.16	0.17	0.32	0.11	0.06	0.09	0.30	0.01	0.02	0.02
YoY Growth	-	-	-4.77%	-46.02%	189.58%	69.43%	-27.03%	-70.18%	2,438.22%	-46.13%	7.84%	25.64%
Dividend Yield	-	-	2.10%	2.43%	4.26%	1.20%	0.55%	1.89%	5.51%	0.24%	0.42%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,666.85
(-) Cash Dividends Paid (M)	763.83
(=) Cash Retained (M)	903.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	333.37	208.36	125.01
Cash Retained (M)	903.02	903.02	903.02
(-) Cash Required (M)	-333.37	-208.36	-125.01
(=) Excess Retained (M)	569.65	694.67	778.01
(/) Shares Outstanding (M)	4,995.53	4,995.53	4,995.53
(=) Excess Retained per Share	0.11	0.14	0.16
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.11	0.14	0.16
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.56	$62.19	$66.36
Upside / Downside	213.14%	581.88%	627.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,666.85	1,775.20	1,890.58	2,013.47	2,144.35	2,283.73	2,352.24
Payout Ratio	45.82%	54.66%	63.49%	72.33%	81.16%	90.00%	92.50%
Projected Dividends (M)	763.83	970.32	1,200.42	1,456.34	1,740.46	2,055.36	2,175.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	902.66	911.21	919.77
Year 2 PV (M)	1,038.85	1,058.64	1,078.61
Year 3 PV (M)	1,172.45	1,206.10	1,240.40
Year 4 PV (M)	1,303.48	1,353.60	1,405.16
Year 5 PV (M)	1,431.98	1,501.15	1,572.96
PV of Terminal Value (M)	43,484.42	45,584.73	47,765.43
Equity Value (M)	49,333.83	51,615.44	53,982.33
Shares Outstanding (M)	4,995.53	4,995.53	4,995.53
Fair Value	$9.88	$10.33	$10.81
Upside / Downside	8.29%	13.29%	18.49%

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Huafon Chemical Co., Ltd. (002064.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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