DDM Analysis: 300054.SZ

Valuation Snapshot

Stable Growth	$17.88 - $52.80	$28.23
Multi-Stage	$11.67 - $12.77	$12.21
Blended Fair Value	$20.22
Current Price	$36.29
Upside	-44.29%
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	31.95%	13.79%	0.09	0.07	0.02	0.03	0.02	0.02	0.01	0.06	0.03	0.03
YoY Growth	-	-	22.96%	208.13%	-20.15%	44.51%	-8.51%	109.25%	-82.61%	120.16%	-7.64%	22.99%
Dividend Yield	-	-	0.30%	0.32%	0.09%	0.14%	0.12%	0.20%	0.10%	0.56%	0.23%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	663.79
(-) Cash Dividends Paid (M)	50.59
(=) Cash Retained (M)	613.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	132.76	82.97	49.78
Cash Retained (M)	613.20	613.20	613.20
(-) Cash Required (M)	-132.76	-82.97	-49.78
(=) Excess Retained (M)	480.44	530.22	563.41
(/) Shares Outstanding (M)	941.43	941.43	941.43
(=) Excess Retained per Share	0.51	0.56	0.60
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.51	0.56	0.60
(=) Adjusted Dividend	0.56	0.62	0.65
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.88	$28.23	$52.80
Upside / Downside	-50.72%	-22.22%	45.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	663.79	706.94	752.89	801.83	853.95	909.45	936.74
Payout Ratio	7.62%	24.10%	40.57%	57.05%	73.52%	90.00%	92.50%
Projected Dividends (M)	50.59	170.36	305.47	457.43	627.86	818.51	866.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	155.07	156.54	158.01
Year 2 PV (M)	253.10	257.92	262.79
Year 3 PV (M)	345.00	354.90	364.99
Year 4 PV (M)	431.04	447.61	464.66
Year 5 PV (M)	511.49	536.19	561.84
PV of Terminal Value (M)	9,291.06	9,739.82	10,205.75
Equity Value (M)	10,986.75	11,492.98	12,018.05
Shares Outstanding (M)	941.43	941.43	941.43
Fair Value	$11.67	$12.21	$12.77
Upside / Downside	-67.84%	-66.36%	-64.82%

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Hubei Dinglong CO.,Ltd. (300054.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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