DDM Analysis: 688092.SS

Valuation Snapshot

Stable Growth	$46.77 - $127.50	$119.48
Multi-Stage	$18.17 - $19.88	$19.01
Blended Fair Value	$69.25
Current Price	$25.33
Upside	173.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	35.04%	0.00%	0.53	0.17	0.19	0.17	0.12	0.12	0.00	0.01	0.00	0.00
YoY Growth	-	-	220.00%	-13.98%	10.38%	40.65%	5.10%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.41%	0.72%	0.99%	0.84%	0.51%	0.38%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.20
(-) Cash Dividends Paid (M)	30.00
(=) Cash Retained (M)	24.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.84	6.78	4.07
Cash Retained (M)	24.20	24.20	24.20
(-) Cash Required (M)	-10.84	-6.78	-4.07
(=) Excess Retained (M)	13.36	17.43	20.14
(/) Shares Outstanding (M)	84.54	84.54	84.54
(=) Excess Retained per Share	0.16	0.21	0.24
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.16	0.21	0.24
(=) Adjusted Dividend	0.51	0.56	0.59
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$46.77	$119.48	$127.50
Upside / Downside	84.64%	371.71%	403.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.20	57.72	61.48	65.47	69.73	74.26	76.49
Payout Ratio	55.35%	62.28%	69.21%	76.14%	83.07%	90.00%	92.50%
Projected Dividends (M)	30.00	35.95	42.55	49.85	57.92	66.83	70.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	33.39	33.70	34.02
Year 2 PV (M)	36.70	37.40	38.11
Year 3 PV (M)	39.94	41.09	42.25
Year 4 PV (M)	43.10	44.76	46.46
Year 5 PV (M)	46.19	48.42	50.74
PV of Terminal Value (M)	1,337.14	1,401.73	1,468.78
Equity Value (M)	1,536.47	1,607.10	1,680.37
Shares Outstanding (M)	84.54	84.54	84.54
Fair Value	$18.17	$19.01	$19.88
Upside / Downside	-28.25%	-24.95%	-21.53%

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Hangzhou IECHO Science & Technology Co., Ltd. (688092.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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