DDM Analysis: 002843.SZ

Valuation Snapshot

Stable Growth	$8.32 - $33.52	$22.16
Multi-Stage	$4.10 - $4.48	$4.29
Blended Fair Value	$13.22
Current Price	$23.60
Upside	-43.96%
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	-17.99%	5.85%	0.21	0.05	0.13	0.08	0.25	0.56	0.08	0.08	0.08	0.12
YoY Growth	-	-	350.92%	-63.44%	57.88%	-68.33%	-55.00%	566.67%	0.00%	0.00%	-28.57%	0.00%
Dividend Yield	-	-	0.92%	0.24%	0.73%	0.86%	3.21%	6.49%	0.72%	0.67%	0.34%	2.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.29
(-) Cash Dividends Paid (M)	19.69
(=) Cash Retained (M)	22.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.46	5.29	3.17
Cash Retained (M)	22.60	22.60	22.60
(-) Cash Required (M)	-8.46	-5.29	-3.17
(=) Excess Retained (M)	14.14	17.31	19.43
(/) Shares Outstanding (M)	250.94	250.94	250.94
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.13	0.15	0.16
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.32	$22.16	$33.52
Upside / Downside	-64.73%	-6.11%	42.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.29	45.04	47.97	51.09	54.41	57.94	59.68
Payout Ratio	46.56%	55.25%	63.94%	72.62%	81.31%	90.00%	92.50%
Projected Dividends (M)	19.69	24.88	30.67	37.10	44.24	52.15	55.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	22.99	23.21	23.43
Year 2 PV (M)	26.18	26.68	27.19
Year 3 PV (M)	29.27	30.11	30.97
Year 4 PV (M)	32.25	33.49	34.76
Year 5 PV (M)	35.12	36.82	38.58
PV of Terminal Value (M)	883.47	926.14	970.44
Equity Value (M)	1,029.29	1,076.45	1,125.37
Shares Outstanding (M)	250.94	250.94	250.94
Fair Value	$4.10	$4.29	$4.48
Upside / Downside	-82.62%	-81.82%	-81.00%

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Bichamp Cutting Technology (Hunan) Co., Ltd. (002843.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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