DDM Analysis: 300660.SZ

Valuation Snapshot

Stable Growth	$168.27 - $198.25	$185.79
Multi-Stage	$114.44 - $125.56	$119.89
Blended Fair Value	$152.84
Current Price	$57.90
Upside	163.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.93%	47.42%	0.76	0.40	0.40	0.38	0.32	0.24	0.27	0.42	0.15	0.50
YoY Growth	-	-	91.93%	-0.65%	5.50%	17.51%	34.00%	-9.72%	-37.10%	178.43%	-69.65%	3,090.59%
Dividend Yield	-	-	1.92%	2.01%	2.28%	3.09%	2.94%	2.84%	2.57%	2.99%	0.53%	1.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	318.38
(-) Cash Dividends Paid (M)	169.01
(=) Cash Retained (M)	149.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	63.68	39.80	23.88
Cash Retained (M)	149.37	149.37	149.37
(-) Cash Required (M)	-63.68	-39.80	-23.88
(=) Excess Retained (M)	85.70	109.57	125.49
(/) Shares Outstanding (M)	319.38	319.38	319.38
(=) Excess Retained per Share	0.27	0.34	0.39
LTM Dividend per Share	0.53	0.53	0.53
(+) Excess Retained per Share	0.27	0.34	0.39
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	2.39%	2.39%	2.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$168.27	$185.79	$198.25
Upside / Downside	190.62%	220.88%	242.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	318.38	339.07	361.11	384.58	409.58	436.21	449.29
Payout Ratio	53.08%	60.47%	67.85%	75.23%	82.62%	90.00%	92.50%
Projected Dividends (M)	169.01	205.03	245.02	289.34	338.38	392.58	415.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.39%	2.39%	2.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	198.36	200.24	202.12
Year 2 PV (M)	229.35	233.71	238.12
Year 3 PV (M)	262.03	269.55	277.22
Year 4 PV (M)	296.49	307.89	319.62
Year 5 PV (M)	332.80	348.87	365.56
PV of Terminal Value (M)	35,230.09	36,931.71	38,698.47
Equity Value (M)	36,549.11	38,291.98	40,101.10
Shares Outstanding (M)	319.38	319.38	319.38
Fair Value	$114.44	$119.89	$125.56
Upside / Downside	97.65%	107.07%	116.85%

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Jiangsu Leili Motor Co., Ltd (300660.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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