DDM Analysis: 301027.SZ

Valuation Snapshot

Stable Growth	$0.86 - $1.25	$1.05
Multi-Stage	$7.37 - $8.21	$7.79
Blended Fair Value	$4.42
Current Price	$17.95
Upside	-75.38%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-43.30%	0.00%	0.08	0.03	0.16	0.03	0.20	1.45	0.22	0.24	0.00	0.00
YoY Growth	-	-	146.29%	-78.26%	474.74%	-85.87%	-86.53%	558.68%	-7.55%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.66%	0.35%	1.13%	0.12%	0.66%	4.93%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.59
(-) Cash Dividends Paid (M)	8.50
(=) Cash Retained (M)	11.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.92	2.45	1.47
Cash Retained (M)	11.09	11.09	11.09
(-) Cash Required (M)	-3.92	-2.45	-1.47
(=) Excess Retained (M)	7.17	8.64	9.62
(/) Shares Outstanding (M)	149.43	149.43	149.43
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	1.05%	1.05%	1.05%
Growth Rate	-9.88%	-8.88%	-7.88%
Fair Value	$0.86	$1.05	$1.25
Upside / Downside	-95.18%	-94.13%	-93.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.59	17.85	16.27	14.82	13.51	12.31	12.68
Payout Ratio	43.40%	52.72%	62.04%	71.36%	80.68%	90.00%	92.50%
Projected Dividends (M)	8.50	9.41	10.09	10.58	10.90	11.08	11.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.05%	1.05%	1.05%
Growth Rate	-9.88%	-8.88%	-7.88%
Year 1 PV (M)	9.21	9.31	9.42
Year 2 PV (M)	9.67	9.88	10.10
Year 3 PV (M)	9.92	10.25	10.59
Year 4 PV (M)	10.00	10.45	10.92
Year 5 PV (M)	9.95	10.51	11.10
PV of Terminal Value (M)	1,053.21	1,112.96	1,175.39
Equity Value (M)	1,101.96	1,163.38	1,227.52
Shares Outstanding (M)	149.43	149.43	149.43
Fair Value	$7.37	$7.79	$8.21
Upside / Downside	-58.92%	-56.63%	-54.24%

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Hualan Group Co., Ltd. (301027.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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