DDM Analysis: 603759.SS

Valuation Snapshot

Stable Growth	$59.19 - $114.79	$107.57
Multi-Stage	$17.80 - $19.49	$18.63
Blended Fair Value	$63.10
Current Price	$7.70
Upside	719.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	22.18%	0.00%	0.49	0.21	0.14	0.12	0.21	0.18	0.16	0.16	0.17	0.00
YoY Growth	-	-	129.34%	51.00%	21.89%	-45.98%	19.38%	8.29%	1.75%	-6.82%	0.00%	0.00%
Dividend Yield	-	-	5.79%	2.90%	1.46%	1.15%	1.47%	1.64%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	264.19
(-) Cash Dividends Paid (M)	85.96
(=) Cash Retained (M)	178.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.84	33.02	19.81
Cash Retained (M)	178.22	178.22	178.22
(-) Cash Required (M)	-52.84	-33.02	-19.81
(=) Excess Retained (M)	125.39	145.20	158.41
(/) Shares Outstanding (M)	457.72	457.72	457.72
(=) Excess Retained per Share	0.27	0.32	0.35
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.27	0.32	0.35
(=) Adjusted Dividend	0.46	0.51	0.53
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$59.19	$107.57	$114.79
Upside / Downside	668.72%	1,297.03%	1,390.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	264.19	281.36	299.65	319.13	339.87	361.96	372.82
Payout Ratio	32.54%	44.03%	55.52%	67.02%	78.51%	90.00%	92.50%
Projected Dividends (M)	85.96	123.89	166.37	213.86	266.82	325.76	344.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	115.42	116.52	117.61
Year 2 PV (M)	144.42	147.17	149.95
Year 3 PV (M)	172.97	177.93	182.99
Year 4 PV (M)	201.06	208.79	216.75
Year 5 PV (M)	228.71	239.76	251.22
PV of Terminal Value (M)	7,286.02	7,637.94	8,003.33
Equity Value (M)	8,148.61	8,528.11	8,921.85
Shares Outstanding (M)	457.72	457.72	457.72
Fair Value	$17.80	$18.63	$19.49
Upside / Downside	131.20%	141.97%	153.14%

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Haitian Water Group Co.,Ltd (603759.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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