DDM Analysis: 300432.SZ

Valuation Snapshot

Stable Growth	$47.36 - $55.80	$52.30
Multi-Stage	$38.14 - $41.86	$39.97
Blended Fair Value	$46.13
Current Price	$22.22
Upside	107.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.99%	14.57%	0.02	0.18	0.02	0.00	0.00	0.00	0.07	0.11	0.05	0.02
YoY Growth	-	-	-88.25%	643.31%	1,127.67%	0.00%	-100.00%	-93.45%	-32.91%	102.60%	120.00%	344.28%
Dividend Yield	-	-	0.15%	3.27%	0.25%	0.02%	0.00%	0.20%	3.69%	2.43%	0.74%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	411.16
(-) Cash Dividends Paid (M)	156.48
(=) Cash Retained (M)	254.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	82.23	51.40	30.84
Cash Retained (M)	254.68	254.68	254.68
(-) Cash Required (M)	-82.23	-51.40	-30.84
(=) Excess Retained (M)	172.45	203.29	223.84
(/) Shares Outstanding (M)	1,465.34	1,465.34	1,465.34
(=) Excess Retained per Share	0.12	0.14	0.15
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.12	0.14	0.15
(=) Adjusted Dividend	0.22	0.25	0.26
WACC / Discount Rate	-1.10%	-1.10%	-1.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$47.36	$52.30	$55.80
Upside / Downside	113.16%	135.35%	151.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	411.16	437.89	466.35	496.66	528.95	563.33	580.23
Payout Ratio	38.06%	48.45%	58.84%	69.22%	79.61%	90.00%	92.50%
Projected Dividends (M)	156.48	212.14	274.38	343.81	421.10	507.00	536.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.10%	-1.10%	-1.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	212.50	214.51	216.53
Year 2 PV (M)	275.30	280.54	285.84
Year 3 PV (M)	345.54	355.46	365.57
Year 4 PV (M)	423.94	440.24	457.01
Year 5 PV (M)	511.27	535.96	561.60
PV of Terminal Value (M)	54,123.20	56,737.37	59,451.59
Equity Value (M)	55,891.74	58,564.09	61,338.13
Shares Outstanding (M)	1,465.34	1,465.34	1,465.34
Fair Value	$38.14	$39.97	$41.86
Upside / Downside	71.66%	79.87%	88.39%

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Mianyang Fulin Precision Co.,Ltd. (300432.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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