DDM Analysis: 600570.SS

Valuation Snapshot

Stable Growth	$13.93 - $38.43	$21.55
Multi-Stage	$9.42 - $10.29	$9.85
Blended Fair Value	$15.70
Current Price	$34.52
Upside	-54.52%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.88%	10.28%	0.14	0.14	0.08	0.06	0.23	0.11	0.10	0.03	0.09	0.06
YoY Growth	-	-	6.57%	68.89%	40.03%	-75.48%	115.31%	10.34%	190.00%	-61.54%	44.44%	12.50%
Dividend Yield	-	-	0.51%	0.58%	0.15%	0.17%	0.50%	0.29%	0.31%	0.17%	0.64%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,052.90
(-) Cash Dividends Paid (M)	247.33
(=) Cash Retained (M)	805.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	210.58	131.61	78.97
Cash Retained (M)	805.57	805.57	805.57
(-) Cash Required (M)	-210.58	-131.61	-78.97
(=) Excess Retained (M)	594.99	673.96	726.60
(/) Shares Outstanding (M)	1,827.82	1,827.82	1,827.82
(=) Excess Retained per Share	0.33	0.37	0.40
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.33	0.37	0.40
(=) Adjusted Dividend	0.46	0.50	0.53
WACC / Discount Rate	8.99%	8.99%	8.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.93	$21.55	$38.43
Upside / Downside	-59.65%	-37.56%	11.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,052.90	1,121.33	1,194.22	1,271.84	1,354.51	1,442.56	1,485.83
Payout Ratio	23.49%	36.79%	50.09%	63.40%	76.70%	90.00%	92.50%
Projected Dividends (M)	247.33	412.56	598.23	806.30	1,038.89	1,298.30	1,374.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.99%	8.99%	8.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	374.98	378.53	382.09
Year 2 PV (M)	494.20	503.61	513.11
Year 3 PV (M)	605.39	622.77	640.48
Year 4 PV (M)	708.96	736.23	764.27
Year 5 PV (M)	805.28	844.17	884.56
PV of Terminal Value (M)	14,230.27	14,917.60	15,631.23
Equity Value (M)	17,219.08	18,002.91	18,815.74
Shares Outstanding (M)	1,827.82	1,827.82	1,827.82
Fair Value	$9.42	$9.85	$10.29
Upside / Downside	-72.71%	-71.47%	-70.18%

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Hundsun Technologies Inc. (600570.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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