DDM Analysis: 600550.SS

Valuation Snapshot

Stable Growth	$1.34 - $2.65	$1.85
Multi-Stage	$6.53 - $7.21	$6.86
Blended Fair Value	$4.36
Current Price	$8.23
Upside	-47.05%
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	-11.16%	-13.78%	0.04	0.05	0.04	0.05	0.07	0.08	0.11	0.13	0.15	0.16
YoY Growth	-	-	-9.42%	6.49%	-4.34%	-32.33%	-11.37%	-31.48%	-10.27%	-17.19%	-2.45%	-17.43%
Dividend Yield	-	-	0.49%	1.13%	0.87%	0.76%	1.54%	1.41%	2.20%	1.92%	2.16%	2.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	157.86
(-) Cash Dividends Paid (M)	55.10
(=) Cash Retained (M)	102.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.57	19.73	11.84
Cash Retained (M)	102.76	102.76	102.76
(-) Cash Required (M)	-31.57	-19.73	-11.84
(=) Excess Retained (M)	71.19	83.03	90.92
(/) Shares Outstanding (M)	1,871.54	1,871.54	1,871.54
(=) Excess Retained per Share	0.04	0.04	0.05
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.04	0.04	0.05
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	3.22%	3.22%	3.22%
Growth Rate	-1.74%	-0.74%	0.26%
Fair Value	$1.34	$1.85	$2.65
Upside / Downside	-83.74%	-77.48%	-67.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	157.86	156.69	155.54	154.39	153.25	152.12	156.69
Payout Ratio	34.90%	45.92%	56.94%	67.96%	78.98%	90.00%	92.50%
Projected Dividends (M)	55.10	71.96	88.57	104.93	121.04	136.91	144.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.22%	3.22%	3.22%
Growth Rate	-1.74%	-0.74%	0.26%
Year 1 PV (M)	69.02	69.72	70.42
Year 2 PV (M)	81.47	83.14	84.82
Year 3 PV (M)	92.57	95.42	98.34
Year 4 PV (M)	102.41	106.65	111.01
Year 5 PV (M)	111.10	116.87	122.88
PV of Terminal Value (M)	11,761.27	12,372.03	13,007.91
Equity Value (M)	12,217.83	12,843.83	13,495.37
Shares Outstanding (M)	1,871.54	1,871.54	1,871.54
Fair Value	$6.53	$6.86	$7.21
Upside / Downside	-20.68%	-16.61%	-12.38%

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Baoding Tianwei Baobian Electric Co., Ltd. (600550.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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