DDM Analysis: 600378.SS

Valuation Snapshot

Stable Growth	$113.81 - $229.11	$214.71
Multi-Stage	$35.23 - $38.57	$36.87
Blended Fair Value	$125.79
Current Price	$30.72
Upside	309.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.34%	31.47%	0.37	0.51	0.25	0.24	0.22	0.16	0.09	0.01	0.01	0.02
YoY Growth	-	-	-27.89%	107.95%	1.37%	11.84%	36.54%	72.87%	1,181.83%	-40.00%	-37.50%	-20.00%
Dividend Yield	-	-	1.38%	1.50%	0.55%	0.64%	0.97%	0.91%	0.76%	0.06%	0.09%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,434.20
(-) Cash Dividends Paid (M)	497.21
(=) Cash Retained (M)	937.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	286.84	179.28	107.57
Cash Retained (M)	937.00	937.00	937.00
(-) Cash Required (M)	-286.84	-179.28	-107.57
(=) Excess Retained (M)	650.16	757.72	829.43
(/) Shares Outstanding (M)	1,244.96	1,244.96	1,244.96
(=) Excess Retained per Share	0.52	0.61	0.67
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.52	0.61	0.67
(=) Adjusted Dividend	0.92	1.01	1.07
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$113.81	$214.71	$229.11
Upside / Downside	270.49%	598.91%	645.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,434.20	1,527.43	1,626.71	1,732.45	1,845.06	1,964.98	2,023.93
Payout Ratio	34.67%	45.73%	56.80%	67.87%	78.93%	90.00%	92.50%
Projected Dividends (M)	497.21	698.56	923.98	1,175.76	1,456.37	1,768.49	1,872.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	650.65	656.82	662.99
Year 2 PV (M)	801.60	816.87	832.28
Year 3 PV (M)	950.09	977.36	1,005.15
Year 4 PV (M)	1,096.13	1,138.29	1,181.64
Year 5 PV (M)	1,239.77	1,299.65	1,361.82
PV of Terminal Value (M)	39,127.13	41,016.98	42,979.17
Equity Value (M)	43,865.38	45,905.97	48,023.06
Shares Outstanding (M)	1,244.96	1,244.96	1,244.96
Fair Value	$35.23	$36.87	$38.57
Upside / Downside	14.69%	20.03%	25.57%

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Haohua Chemical Science & Technology Corp., Ltd. (600378.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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