DDM Analysis: 002101.SZ

Valuation Snapshot

Stable Growth	$90.26 - $106.36	$99.67
Multi-Stage	$51.77 - $56.88	$54.28
Blended Fair Value	$76.97
Current Price	$13.54
Upside	468.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.29%	15.07%	0.36	0.05	0.28	0.16	0.08	0.34	0.20	0.20	0.04	0.07
YoY Growth	-	-	618.75%	-81.69%	70.97%	102.81%	-76.65%	67.47%	-0.18%	374.23%	-39.86%	-19.88%
Dividend Yield	-	-	2.79%	0.37%	1.37%	1.25%	1.18%	4.57%	2.14%	1.76%	0.29%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	358.11
(-) Cash Dividends Paid (M)	60.08
(=) Cash Retained (M)	298.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	71.62	44.76	26.86
Cash Retained (M)	298.02	298.02	298.02
(-) Cash Required (M)	-71.62	-44.76	-26.86
(=) Excess Retained (M)	226.40	253.26	271.16
(/) Shares Outstanding (M)	662.72	662.72	662.72
(=) Excess Retained per Share	0.34	0.38	0.41
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.34	0.38	0.41
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	4.04%	4.04%	4.04%
Growth Rate	4.40%	5.40%	6.40%
Fair Value	$90.26	$99.67	$106.36
Upside / Downside	566.61%	636.09%	685.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	358.11	377.43	397.80	419.28	441.90	465.76	479.73
Payout Ratio	16.78%	31.42%	46.07%	60.71%	75.36%	90.00%	92.50%
Projected Dividends (M)	60.08	118.60	183.26	254.55	333.00	419.18	443.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.04%	4.04%	4.04%
Growth Rate	4.40%	5.40%	6.40%
Year 1 PV (M)	112.91	113.99	115.07
Year 2 PV (M)	166.09	169.29	172.51
Year 3 PV (M)	219.63	226.00	232.49
Year 4 PV (M)	273.53	284.16	295.10
Year 5 PV (M)	327.79	343.79	360.42
PV of Terminal Value (M)	33,212.04	34,833.46	36,517.60
Equity Value (M)	34,311.98	35,970.69	37,693.19
Shares Outstanding (M)	662.72	662.72	662.72
Fair Value	$51.77	$54.28	$56.88
Upside / Downside	282.38%	300.87%	320.07%

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Guangdong Hongtu Technology (holdings) Co.,Ltd. (002101.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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