DDM Analysis: 002158.SZ

Valuation Snapshot

Stable Growth	$80.92 - $198.21	$185.75
Multi-Stage	$29.32 - $32.06	$30.66
Blended Fair Value	$108.21
Current Price	$25.72
Upside	320.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.35%	14.44%	0.62	0.48	0.40	0.37	0.28	0.18	0.26	0.23	0.13	0.20
YoY Growth	-	-	27.29%	21.69%	8.81%	29.06%	54.02%	-28.31%	11.12%	75.52%	-35.16%	26.88%
Dividend Yield	-	-	3.13%	2.33%	1.57%	1.99%	1.13%	1.57%	2.33%	1.93%	1.24%	1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	532.96
(-) Cash Dividends Paid (M)	320.53
(=) Cash Retained (M)	212.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106.59	66.62	39.97
Cash Retained (M)	212.43	212.43	212.43
(-) Cash Required (M)	-106.59	-66.62	-39.97
(=) Excess Retained (M)	105.84	145.81	172.46
(/) Shares Outstanding (M)	534.74	534.74	534.74
(=) Excess Retained per Share	0.20	0.27	0.32
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.20	0.27	0.32
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.92	$185.75	$198.21
Upside / Downside	214.60%	622.22%	670.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	532.96	567.61	604.50	643.79	685.64	730.21	752.11
Payout Ratio	60.14%	66.11%	72.08%	78.06%	84.03%	90.00%	92.50%
Projected Dividends (M)	320.53	375.26	435.75	502.52	576.13	657.18	695.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	348.92	352.23	355.54
Year 2 PV (M)	376.72	383.90	391.14
Year 3 PV (M)	403.95	415.55	427.36
Year 4 PV (M)	430.61	447.17	464.21
Year 5 PV (M)	456.72	478.78	501.68
PV of Terminal Value (M)	13,659.39	14,319.14	15,004.15
Equity Value (M)	15,676.32	16,396.77	17,144.08
Shares Outstanding (M)	534.74	534.74	534.74
Fair Value	$29.32	$30.66	$32.06
Upside / Downside	13.98%	19.22%	24.65%

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Shanghai Hanbell Precise Machinery Co., Ltd. (002158.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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