DDM Analysis: 300387.SZ

Valuation Snapshot

Stable Growth	$34.04 - $56.53	$52.98
Multi-Stage	$9.15 - $10.01	$9.57
Blended Fair Value	$31.28
Current Price	$8.98
Upside	248.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.10%	34.75%	0.06	0.12	0.05	0.05	0.05	0.05	0.05	0.06	0.05	0.03
YoY Growth	-	-	-48.70%	149.33%	-0.31%	-0.38%	0.95%	5.16%	-19.73%	24.84%	49.91%	874.25%
Dividend Yield	-	-	0.73%	1.92%	0.68%	0.48%	0.75%	0.65%	0.62%	0.74%	0.35%	0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	82.29
(-) Cash Dividends Paid (M)	32.80
(=) Cash Retained (M)	49.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.46	10.29	6.17
Cash Retained (M)	49.49	49.49	49.49
(-) Cash Required (M)	-16.46	-10.29	-6.17
(=) Excess Retained (M)	33.03	39.20	43.31
(/) Shares Outstanding (M)	289.48	289.48	289.48
(=) Excess Retained per Share	0.11	0.14	0.15
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.11	0.14	0.15
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$34.04	$52.98	$56.53
Upside / Downside	279.06%	489.96%	529.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82.29	87.63	93.33	99.40	105.86	112.74	116.12
Payout Ratio	39.86%	49.89%	59.92%	69.94%	79.97%	90.00%	92.50%
Projected Dividends (M)	32.80	43.72	55.92	69.52	84.66	101.46	107.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	40.78	41.17	41.55
Year 2 PV (M)	48.65	49.58	50.51
Year 3 PV (M)	56.42	58.04	59.69
Year 4 PV (M)	64.08	66.54	69.07
Year 5 PV (M)	71.63	75.09	78.68
PV of Terminal Value (M)	2,366.15	2,480.44	2,599.10
Equity Value (M)	2,647.70	2,770.85	2,898.60
Shares Outstanding (M)	289.48	289.48	289.48
Fair Value	$9.15	$9.57	$10.01
Upside / Downside	1.85%	6.59%	11.51%

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Hubei Forbon Technology Co.,Ltd. (300387.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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