DDM Analysis: 300847.SZ

Valuation Snapshot

Stable Growth	$37.16 - $78.18	$73.27
Multi-Stage	$11.88 - $13.01	$12.44
Blended Fair Value	$42.85
Current Price	$17.61
Upside	143.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.27%	12.13%	0.10	0.11	0.08	0.06	0.00	0.04	0.03	0.06	0.05	0.04
YoY Growth	-	-	-9.91%	48.00%	20.55%	0.00%	-100.00%	33.29%	-45.42%	15.22%	46.32%	10.69%
Dividend Yield	-	-	0.60%	0.72%	0.50%	0.47%	0.00%	0.66%	0.49%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	114.96
(-) Cash Dividends Paid (M)	40.26
(=) Cash Retained (M)	74.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.99	14.37	8.62
Cash Retained (M)	74.71	74.71	74.71
(-) Cash Required (M)	-22.99	-14.37	-8.62
(=) Excess Retained (M)	51.71	60.34	66.08
(/) Shares Outstanding (M)	292.43	292.43	292.43
(=) Excess Retained per Share	0.18	0.21	0.23
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.18	0.21	0.23
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.16	$73.27	$78.18
Upside / Downside	110.99%	316.07%	343.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.96	122.44	130.39	138.87	147.90	157.51	162.23
Payout Ratio	35.02%	46.01%	57.01%	68.01%	79.00%	90.00%	92.50%
Projected Dividends (M)	40.26	56.34	74.34	94.44	116.84	141.76	150.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	52.46	52.95	53.45
Year 2 PV (M)	64.45	65.67	66.91
Year 3 PV (M)	76.23	78.42	80.65
Year 4 PV (M)	87.81	91.19	94.66
Year 5 PV (M)	99.20	103.99	108.96
PV of Terminal Value (M)	3,094.90	3,244.38	3,399.59
Equity Value (M)	3,475.04	3,636.60	3,804.22
Shares Outstanding (M)	292.43	292.43	292.43
Fair Value	$11.88	$12.44	$13.01
Upside / Downside	-32.52%	-29.38%	-26.13%

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HG Technologies Co., Ltd. (300847.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener