DDM Analysis: 300833.SZ

Valuation Snapshot

Stable Growth	$23.23 - $46.16	$32.21
Multi-Stage	$34.44 - $37.72	$36.05
Blended Fair Value	$34.13
Current Price	$42.99
Upside	-20.61%
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	448.87%	0.00%	1.60	1.45	0.53	0.27	0.00	0.00	0.00	0.00	0.09	0.07
YoY Growth	-	-	10.54%	171.39%	99.85%	0.00%	-100.00%	-91.66%	-12.28%	-95.31%	29.93%	0.00%
Dividend Yield	-	-	4.10%	2.26%	0.75%	0.61%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	177.59
(-) Cash Dividends Paid (M)	164.45
(=) Cash Retained (M)	13.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.52	22.20	13.32
Cash Retained (M)	13.13	13.13	13.13
(-) Cash Required (M)	-35.52	-22.20	-13.32
(=) Excess Retained (M)	-22.38	-9.07	-0.19
(/) Shares Outstanding (M)	126.50	126.50	126.50
(=) Excess Retained per Share	-0.18	-0.07	0.00
LTM Dividend per Share	1.30	1.30	1.30
(+) Excess Retained per Share	-0.18	-0.07	0.00
(=) Adjusted Dividend	1.12	1.23	1.30
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	1.74%	2.74%	3.74%
Fair Value	$23.23	$32.21	$46.16
Upside / Downside	-45.96%	-25.08%	7.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	177.59	182.45	187.45	192.58	197.86	203.28	209.37
Payout Ratio	92.60%	92.08%	91.56%	91.04%	90.52%	90.00%	92.50%
Projected Dividends (M)	164.45	168.01	171.63	175.33	179.10	182.95	193.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	1.74%	2.74%	3.74%
Year 1 PV (M)	155.99	157.52	159.05
Year 2 PV (M)	147.95	150.87	153.83
Year 3 PV (M)	140.33	144.50	148.77
Year 4 PV (M)	133.09	138.40	143.87
Year 5 PV (M)	126.22	132.55	139.13
PV of Terminal Value (M)	3,653.48	3,836.59	4,026.98
Equity Value (M)	4,357.05	4,560.44	4,771.62
Shares Outstanding (M)	126.50	126.50	126.50
Fair Value	$34.44	$36.05	$37.72
Upside / Downside	-19.88%	-16.14%	-12.25%

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Guangzhou Haoyang Electronic Co.,Ltd. (300833.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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