DDM Analysis: 300201.SZ

Valuation Snapshot

Stable Growth	$5.94 - $15.54	$9.05
Multi-Stage	$22.64 - $25.03	$23.81
Blended Fair Value	$16.43
Current Price	$5.51
Upside	198.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.00%	0.00%	0.04	0.01	0.01	0.02	0.05	0.06	0.06	0.04	0.03	0.00
YoY Growth	-	-	532.47%	-18.78%	-60.59%	-57.09%	-24.15%	4.00%	39.52%	67.97%	611.69%	0.00%
Dividend Yield	-	-	0.76%	0.14%	0.21%	0.62%	1.87%	1.97%	1.03%	0.72%	0.30%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	266.98
(-) Cash Dividends Paid (M)	36.41
(=) Cash Retained (M)	230.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.40	33.37	20.02
Cash Retained (M)	230.57	230.57	230.57
(-) Cash Required (M)	-53.40	-33.37	-20.02
(=) Excess Retained (M)	177.17	197.19	210.54
(/) Shares Outstanding (M)	966.81	966.81	966.81
(=) Excess Retained per Share	0.18	0.20	0.22
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.18	0.20	0.22
(=) Adjusted Dividend	0.22	0.24	0.26
WACC / Discount Rate	1.64%	1.64%	1.64%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.94	$9.05	$15.54
Upside / Downside	7.83%	64.20%	182.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	266.98	264.31	261.67	259.05	256.46	253.89	261.51
Payout Ratio	13.64%	28.91%	44.18%	59.46%	74.73%	90.00%	92.50%
Projected Dividends (M)	36.41	76.41	115.61	154.02	191.65	228.50	241.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.64%	1.64%	1.64%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	74.42	75.18	75.94
Year 2 PV (M)	109.65	111.90	114.18
Year 3 PV (M)	142.27	146.67	151.16
Year 4 PV (M)	172.40	179.55	186.91
Year 5 PV (M)	200.19	210.61	221.47
PV of Terminal Value (M)	21,192.36	22,295.89	23,444.93
Equity Value (M)	21,891.29	23,019.80	24,194.58
Shares Outstanding (M)	966.81	966.81	966.81
Fair Value	$22.64	$23.81	$25.03
Upside / Downside	310.94%	332.12%	354.18%

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Xuzhou Handler Special Vehicle Co., Ltd (300201.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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