DDM Analysis: 688379.SS

Valuation Snapshot

Stable Growth	$142.33 - $367.93	$344.81
Multi-Stage	$52.41 - $57.37	$54.84
Blended Fair Value	$199.83
Current Price	$55.16
Upside	262.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.85%	9.13%	0.46	0.27	0.36	0.36	0.12	0.10	0.32	0.10	0.09	0.15
YoY Growth	-	-	71.47%	-23.94%	-1.69%	214.39%	19.04%	-70.01%	222.45%	8.61%	-37.78%	-23.64%
Dividend Yield	-	-	1.85%	1.66%	1.85%	2.00%	0.55%	0.19%	0.64%	0.00%	0.18%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	159.87
(-) Cash Dividends Paid (M)	46.95
(=) Cash Retained (M)	112.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.97	19.98	11.99
Cash Retained (M)	112.92	112.92	112.92
(-) Cash Required (M)	-31.97	-19.98	-11.99
(=) Excess Retained (M)	80.95	92.94	100.93
(/) Shares Outstanding (M)	86.41	86.41	86.41
(=) Excess Retained per Share	0.94	1.08	1.17
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	0.94	1.08	1.17
(=) Adjusted Dividend	1.48	1.62	1.71
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$142.33	$344.81	$367.93
Upside / Downside	158.04%	525.10%	567.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	159.87	170.26	181.33	193.12	205.67	219.04	225.61
Payout Ratio	29.37%	41.49%	53.62%	65.75%	77.87%	90.00%	92.50%
Projected Dividends (M)	46.95	70.65	97.23	126.97	160.16	197.13	208.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	65.65	66.27	66.90
Year 2 PV (M)	83.97	85.57	87.18
Year 3 PV (M)	101.90	104.82	107.80
Year 4 PV (M)	119.45	124.04	128.77
Year 5 PV (M)	136.63	143.23	150.08
PV of Terminal Value (M)	4,021.03	4,215.24	4,416.89
Equity Value (M)	4,528.62	4,739.18	4,957.62
Shares Outstanding (M)	86.41	86.41	86.41
Fair Value	$52.41	$54.84	$57.37
Upside / Downside	-4.99%	-0.57%	4.01%

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Hangzhou Huaguang Advanced Welding Materials Co., Ltd. (688379.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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