DDM Analysis: 300965.SZ

Valuation Snapshot

Stable Growth	$3.29 - $4.59	$3.94
Multi-Stage	$5.60 - $6.13	$5.86
Blended Fair Value	$4.90
Current Price	$60.37
Upside	-91.89%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-43.22%	0.00%	0.03	0.07	0.20	0.30	0.97	0.51	0.93	0.75	1.50	0.00
YoY Growth	-	-	-60.00%	-63.41%	-31.67%	-68.97%	90.23%	-45.22%	23.68%	-50.00%	0.00%	0.00%
Dividend Yield	-	-	0.08%	0.18%	0.41%	0.51%	0.75%	0.40%	0.72%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33.23
(-) Cash Dividends Paid (M)	22.80
(=) Cash Retained (M)	10.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.65	4.15	2.49
Cash Retained (M)	10.43	10.43	10.43
(-) Cash Required (M)	-6.65	-4.15	-2.49
(=) Excess Retained (M)	3.78	6.28	7.94
(/) Shares Outstanding (M)	60.01	60.01	60.01
(=) Excess Retained per Share	0.06	0.10	0.13
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.06	0.10	0.13
(=) Adjusted Dividend	0.44	0.48	0.51
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-3.12%	-2.12%	-1.12%
Fair Value	$3.29	$3.94	$4.59
Upside / Downside	-94.55%	-93.48%	-92.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33.23	32.53	31.84	31.16	30.50	29.86	30.75
Payout Ratio	68.61%	72.89%	77.17%	81.45%	85.72%	90.00%	92.50%
Projected Dividends (M)	22.80	23.71	24.57	25.38	26.15	26.87	28.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-3.12%	-2.12%	-1.12%
Year 1 PV (M)	21.35	21.57	21.79
Year 2 PV (M)	19.92	20.33	20.75
Year 3 PV (M)	18.53	19.11	19.70
Year 4 PV (M)	17.19	17.91	18.65
Year 5 PV (M)	15.90	16.74	17.61
PV of Terminal Value (M)	243.06	255.86	269.20
Equity Value (M)	335.94	351.52	367.70
Shares Outstanding (M)	60.01	60.01	60.01
Fair Value	$5.60	$5.86	$6.13
Upside / Downside	-90.73%	-90.30%	-89.85%

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Beijing Hengyu Datacom Aviation Equipment co., Ltd. (300965.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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