DDM Analysis: 603319.SS

Valuation Snapshot

Stable Growth	$14.49 - $61.33	$25.03
Multi-Stage	$8.85 - $9.68	$9.26
Blended Fair Value	$17.14
Current Price	$44.52
Upside	-61.50%
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	28.91%	17.34%	0.33	0.16	0.18	0.16	0.09	0.09	0.12	0.04	0.03	0.07
YoY Growth	-	-	102.41%	-9.73%	12.59%	76.58%	-2.01%	-18.78%	200.00%	33.33%	-60.23%	7.61%
Dividend Yield	-	-	1.45%	1.31%	1.61%	1.61%	0.73%	1.24%	1.53%	0.42%	0.19%	1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	150.43
(-) Cash Dividends Paid (M)	21.21
(=) Cash Retained (M)	129.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.09	18.80	11.28
Cash Retained (M)	129.22	129.22	129.22
(-) Cash Required (M)	-30.09	-18.80	-11.28
(=) Excess Retained (M)	99.13	110.42	117.94
(/) Shares Outstanding (M)	316.21	316.21	316.21
(=) Excess Retained per Share	0.31	0.35	0.37
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.31	0.35	0.37
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	8.27%	8.27%	8.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.49	$25.03	$61.33
Upside / Downside	-67.46%	-43.78%	37.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	150.43	160.20	170.62	181.71	193.52	206.10	212.28
Payout Ratio	14.10%	29.28%	44.46%	59.64%	74.82%	90.00%	92.50%
Projected Dividends (M)	21.21	46.91	75.86	108.37	144.79	185.49	196.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.27%	8.27%	8.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	42.92	43.32	43.73
Year 2 PV (M)	63.50	64.71	65.93
Year 3 PV (M)	83.00	85.38	87.81
Year 4 PV (M)	101.46	105.36	109.38
Year 5 PV (M)	118.92	124.67	130.63
PV of Terminal Value (M)	2,388.26	2,503.62	2,623.39
Equity Value (M)	2,798.06	2,927.06	3,060.86
Shares Outstanding (M)	316.21	316.21	316.21
Fair Value	$8.85	$9.26	$9.68
Upside / Downside	-80.12%	-79.21%	-78.26%

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Hunan Meihu Intelligent Manufacturing Co., Ltd. (603319.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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