DDM Analysis: 300657.SZ

Valuation Snapshot

Stable Growth	$26.92 - $31.71	$29.72
Multi-Stage	$19.38 - $21.27	$20.31
Blended Fair Value	$25.01
Current Price	$33.17
Upside	-24.59%
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	-5.89%	0.10%	0.07	0.08	0.09	0.14	0.12	0.10	0.12	0.09	0.06	0.05
YoY Growth	-	-	-9.54%	-8.32%	-36.29%	11.81%	24.96%	-18.65%	29.40%	63.05%	12.55%	-29.15%
Dividend Yield	-	-	0.21%	0.42%	0.60%	1.28%	0.95%	0.73%	0.88%	0.73%	1.74%	1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92.63
(-) Cash Dividends Paid (M)	32.72
(=) Cash Retained (M)	59.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.53	11.58	6.95
Cash Retained (M)	59.91	59.91	59.91
(-) Cash Required (M)	-18.53	-11.58	-6.95
(=) Excess Retained (M)	41.38	48.33	52.96
(/) Shares Outstanding (M)	580.91	580.91	580.91
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	1.15%	1.15%	1.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.92	$29.72	$31.71
Upside / Downside	-18.85%	-10.40%	-4.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92.63	98.65	105.06	111.89	119.17	126.91	130.72
Payout Ratio	35.33%	46.26%	57.20%	68.13%	79.07%	90.00%	92.50%
Projected Dividends (M)	32.72	45.64	60.09	76.23	94.22	114.22	120.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.15%	1.15%	1.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	44.70	45.12	45.54
Year 2 PV (M)	57.64	58.74	59.84
Year 3 PV (M)	71.61	73.67	75.76
Year 4 PV (M)	86.68	90.01	93.44
Year 5 PV (M)	102.91	107.88	113.04
PV of Terminal Value (M)	10,894.37	11,420.58	11,966.92
Equity Value (M)	11,257.91	11,795.99	12,354.55
Shares Outstanding (M)	580.91	580.91	580.91
Fair Value	$19.38	$20.31	$21.27
Upside / Downside	-41.57%	-38.78%	-35.88%

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XiaMen HongXin Electron-tech Group Co.,Ltd (300657.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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