DDM Analysis: 002344.SZ

Valuation Snapshot

Stable Growth	$0.27 - $0.36	$0.31
Multi-Stage	$0.51 - $0.56	$0.53
Blended Fair Value	$0.42
Current Price	$4.41
Upside	-90.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.98%	-5.39%	0.08	0.09	0.06	0.04	0.03	0.04	0.14	0.12	0.10	0.14
YoY Growth	-	-	-14.13%	55.07%	56.68%	46.20%	-39.65%	-70.21%	19.77%	17.49%	-30.16%	6.54%
Dividend Yield	-	-	1.87%	2.40%	1.21%	0.82%	0.66%	1.09%	2.44%	1.89%	0.98%	1.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	76.45
(-) Cash Dividends Paid (M)	25.38
(=) Cash Retained (M)	51.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.29	9.56	5.73
Cash Retained (M)	51.07	51.07	51.07
(-) Cash Required (M)	-15.29	-9.56	-5.73
(=) Excess Retained (M)	35.78	41.51	45.34
(/) Shares Outstanding (M)	1,260.66	1,260.66	1,260.66
(=) Excess Retained per Share	0.03	0.03	0.04
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.03	0.03	0.04
(=) Adjusted Dividend	0.05	0.05	0.06
WACC / Discount Rate	9.44%	9.44%	9.44%
Growth Rate	-7.39%	-6.39%	-5.39%
Fair Value	$0.27	$0.31	$0.36
Upside / Downside	-93.95%	-92.89%	-91.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	76.45	71.56	66.98	62.70	58.69	54.94	56.59
Payout Ratio	33.20%	44.56%	55.92%	67.28%	78.64%	90.00%	92.50%
Projected Dividends (M)	25.38	31.89	37.46	42.18	46.15	49.44	52.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.44%	9.44%	9.44%
Growth Rate	-7.39%	-6.39%	-5.39%
Year 1 PV (M)	28.82	29.13	29.45
Year 2 PV (M)	30.61	31.27	31.94
Year 3 PV (M)	31.16	32.18	33.22
Year 4 PV (M)	30.82	32.17	33.57
Year 5 PV (M)	29.84	31.49	33.21
PV of Terminal Value (M)	490.31	517.36	545.59
Equity Value (M)	641.56	673.61	706.98
Shares Outstanding (M)	1,260.66	1,260.66	1,260.66
Fair Value	$0.51	$0.53	$0.56
Upside / Downside	-88.46%	-87.88%	-87.28%

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Haining China Leather Market Co.,Ltd (002344.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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