DDM Analysis: 002430.SZ

Valuation Snapshot

Stable Growth	$82.81 - $202.81	$190.06
Multi-Stage	$29.64 - $32.43	$31.01
Blended Fair Value	$110.54
Current Price	$24.36
Upside	353.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.34%	36.67%	0.96	1.00	0.60	0.24	0.18	0.18	0.07	0.16	0.03	0.02
YoY Growth	-	-	-3.98%	66.84%	144.70%	38.89%	0.00%	140.00%	-54.36%	535.27%	49.98%	-60.00%
Dividend Yield	-	-	4.65%	3.27%	1.80%	0.85%	0.59%	1.50%	0.58%	1.20%	0.24%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,004.35
(-) Cash Dividends Paid (M)	423.91
(=) Cash Retained (M)	580.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	200.87	125.54	75.33
Cash Retained (M)	580.44	580.44	580.44
(-) Cash Required (M)	-200.87	-125.54	-75.33
(=) Excess Retained (M)	379.57	454.89	505.11
(/) Shares Outstanding (M)	984.87	984.87	984.87
(=) Excess Retained per Share	0.39	0.46	0.51
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.39	0.46	0.51
(=) Adjusted Dividend	0.82	0.89	0.94
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$82.81	$190.06	$202.81
Upside / Downside	239.93%	680.22%	732.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,004.35	1,069.63	1,139.16	1,213.20	1,292.06	1,376.05	1,417.33
Payout Ratio	42.21%	51.77%	61.32%	70.88%	80.44%	90.00%	92.50%
Projected Dividends (M)	423.91	553.71	698.59	859.96	1,039.36	1,238.44	1,311.03

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)	514.84	519.72	524.60
Year 2 PV (M)	603.96	615.46	627.07
Year 3 PV (M)	691.28	711.13	731.35
Year 4 PV (M)	776.85	806.72	837.45
Year 5 PV (M)	860.68	902.25	945.41
PV of Terminal Value (M)	25,742.34	26,985.71	28,276.66
Equity Value (M)	29,189.94	30,540.98	31,942.54
Shares Outstanding (M)	984.87	984.87	984.87
Fair Value	$29.64	$31.01	$32.43
Upside / Downside	21.67%	27.30%	33.14%

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Hangzhou Oxygen Plant Group Co.,Ltd. (002430.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener