DDM Analysis: 002487.SZ

Valuation Snapshot

Stable Growth	$285.06 - $335.85	$314.74
Multi-Stage	$70.49 - $77.29	$73.83
Blended Fair Value	$194.28
Current Price	$47.21
Upside	311.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	85.01%	42.05%	0.19	0.06	0.10	0.02	0.02	0.01	0.01	0.01	0.02	0.01
YoY Growth	-	-	204.51%	-39.49%	470.16%	-25.74%	177.84%	-13.62%	-11.97%	-32.37%	169.48%	11.33%
Dividend Yield	-	-	0.79%	0.28%	0.29%	0.06%	0.26%	0.19%	0.21%	0.26%	0.19%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,079.14
(-) Cash Dividends Paid (M)	64.62
(=) Cash Retained (M)	1,014.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	215.83	134.89	80.94
Cash Retained (M)	1,014.52	1,014.52	1,014.52
(-) Cash Required (M)	-215.83	-134.89	-80.94
(=) Excess Retained (M)	798.69	879.63	933.58
(/) Shares Outstanding (M)	639.02	639.02	639.02
(=) Excess Retained per Share	1.25	1.38	1.46
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	1.25	1.38	1.46
(=) Adjusted Dividend	1.35	1.48	1.56
WACC / Discount Rate	5.45%	5.45%	5.45%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$285.06	$314.74	$335.85
Upside / Downside	503.81%	566.67%	611.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,079.14	1,149.28	1,223.98	1,303.54	1,388.27	1,478.51	1,522.87
Payout Ratio	5.99%	22.79%	39.59%	56.40%	73.20%	90.00%	92.50%
Projected Dividends (M)	64.62	261.93	484.61	735.14	1,016.18	1,330.66	1,408.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.45%	5.45%	5.45%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	246.05	248.38	250.71
Year 2 PV (M)	427.64	435.78	444.01
Year 3 PV (M)	609.39	626.88	644.70
Year 4 PV (M)	791.30	821.73	853.03
Year 5 PV (M)	973.36	1,020.38	1,069.19
PV of Terminal Value (M)	41,997.06	44,025.53	46,131.64
Equity Value (M)	45,044.79	47,178.68	49,393.28
Shares Outstanding (M)	639.02	639.02	639.02
Fair Value	$70.49	$73.83	$77.29
Upside / Downside	49.31%	56.38%	63.73%

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Dajin Heavy Industry Corporation (002487.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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