DDM Analysis: 301199.SZ

Valuation Snapshot

Stable Growth	$17.59 - $47.15	$26.99
Multi-Stage	$65.90 - $72.84	$69.30
Blended Fair Value	$48.15
Current Price	$27.42
Upside	75.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.06	0.06	0.07	0.00	0.00	0.00	0.00	0.01	0.04	0.00
YoY Growth	-	-	0.00%	-12.50%	0.00%	0.00%	0.00%	0.00%	-100.00%	-82.55%	0.00%	0.00%
Dividend Yield	-	-	0.27%	0.38%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	117.54
(-) Cash Dividends Paid (M)	13.33
(=) Cash Retained (M)	104.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.51	14.69	8.82
Cash Retained (M)	104.21	104.21	104.21
(-) Cash Required (M)	-23.51	-14.69	-8.82
(=) Excess Retained (M)	80.70	89.52	95.39
(/) Shares Outstanding (M)	146.68	146.68	146.68
(=) Excess Retained per Share	0.55	0.61	0.65
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.55	0.61	0.65
(=) Adjusted Dividend	0.64	0.70	0.74
WACC / Discount Rate	1.57%	1.57%	1.57%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$17.59	$26.99	$47.15
Upside / Downside	-35.86%	-1.57%	71.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	117.54	116.37	115.20	114.05	112.91	111.78	115.13
Payout Ratio	11.34%	27.08%	42.81%	58.54%	74.27%	90.00%	92.50%
Projected Dividends (M)	13.33	31.51	49.31	66.76	83.86	100.60	106.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.57%	1.57%	1.57%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	30.71	31.02	31.33
Year 2 PV (M)	46.84	47.80	48.77
Year 3 PV (M)	61.80	63.71	65.66
Year 4 PV (M)	75.65	78.79	82.02
Year 5 PV (M)	88.45	93.06	97.85
PV of Terminal Value (M)	9,363.37	9,850.95	10,358.62
Equity Value (M)	9,666.82	10,165.32	10,684.25
Shares Outstanding (M)	146.68	146.68	146.68
Fair Value	$65.90	$69.30	$72.84
Upside / Downside	140.35%	152.74%	165.64%

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MH Robot & Automation Co., Ltd. (301199.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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