DDM Analysis: 003031.SZ

Valuation Snapshot

Stable Growth	$228.85 - $269.62	$252.67
Multi-Stage	$157.22 - $172.54	$164.74
Blended Fair Value	$208.70
Current Price	$60.52
Upside	244.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	230.74%	0.00%	0.29	0.01	0.05	0.06	0.00	0.00	0.00	0.00	0.01	0.00
YoY Growth	-	-	2,224.40%	-75.17%	-19.23%	10,058.73%	-16.42%	-84.41%	140.60%	-82.62%	0.00%	0.00%
Dividend Yield	-	-	0.62%	0.03%	0.08%	0.13%	0.00%	0.01%	0.06%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	613.26
(-) Cash Dividends Paid (M)	189.44
(=) Cash Retained (M)	423.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.65	76.66	45.99
Cash Retained (M)	423.81	423.81	423.81
(-) Cash Required (M)	-122.65	-76.66	-45.99
(=) Excess Retained (M)	301.16	347.16	377.82
(/) Shares Outstanding (M)	452.35	452.35	452.35
(=) Excess Retained per Share	0.67	0.77	0.84
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.67	0.77	0.84
(=) Adjusted Dividend	1.08	1.19	1.25
WACC / Discount Rate	2.09%	2.09%	2.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$228.85	$252.67	$269.62
Upside / Downside	278.13%	317.50%	345.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	613.26	653.12	695.57	740.78	788.93	840.22	865.42
Payout Ratio	30.89%	42.71%	54.53%	66.36%	78.18%	90.00%	92.50%
Projected Dividends (M)	189.44	278.97	379.33	491.56	616.77	756.19	800.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.09%	2.09%	2.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	270.68	273.24	275.81
Year 2 PV (M)	357.12	363.92	370.79
Year 3 PV (M)	449.03	461.92	475.05
Year 4 PV (M)	546.67	567.69	589.32
Year 5 PV (M)	650.33	681.74	714.35
PV of Terminal Value (M)	68,844.46	72,169.67	75,622.15
Equity Value (M)	71,118.28	74,518.19	78,047.47
Shares Outstanding (M)	452.35	452.35	452.35
Fair Value	$157.22	$164.74	$172.54
Upside / Downside	159.78%	172.20%	185.09%

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Hebei Sinopack Electronic Technology Co.,Ltd. (003031.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener