DDM Analysis: 603733.SS

Valuation Snapshot

Stable Growth	$128.31 - $248.38	$232.77
Multi-Stage	$38.63 - $42.30	$40.43
Blended Fair Value	$136.60
Current Price	$23.65
Upside	477.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	52.69%	28.17%	0.66	0.28	0.32	0.28	0.32	0.08	0.24	0.06	0.05	0.06
YoY Growth	-	-	132.06%	-11.43%	12.90%	-10.60%	300.00%	-66.67%	280.25%	20.87%	-16.35%	12.50%
Dividend Yield	-	-	2.98%	1.61%	1.26%	1.09%	1.17%	0.57%	1.15%	0.32%	0.26%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	964.82
(-) Cash Dividends Paid (M)	351.15
(=) Cash Retained (M)	613.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	192.96	120.60	72.36
Cash Retained (M)	613.67	613.67	613.67
(-) Cash Required (M)	-192.96	-120.60	-72.36
(=) Excess Retained (M)	420.71	493.07	541.31
(/) Shares Outstanding (M)	772.53	772.53	772.53
(=) Excess Retained per Share	0.54	0.64	0.70
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	0.54	0.64	0.70
(=) Adjusted Dividend	1.00	1.09	1.16
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$128.31	$232.77	$248.38
Upside / Downside	442.55%	884.22%	950.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	964.82	1,027.54	1,094.33	1,165.46	1,241.21	1,321.89	1,361.55
Payout Ratio	36.40%	47.12%	57.84%	68.56%	79.28%	90.00%	92.50%
Projected Dividends (M)	351.15	484.14	632.93	799.02	984.02	1,189.70	1,259.43

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)	451.08	455.35	459.63
Year 2 PV (M)	549.44	559.90	570.47
Year 3 PV (M)	646.25	664.80	683.70
Year 4 PV (M)	741.53	770.05	799.38
Year 5 PV (M)	835.31	875.65	917.54
PV of Terminal Value (M)	26,622.54	27,908.41	29,243.51
Equity Value (M)	29,846.14	31,234.17	32,674.23
Shares Outstanding (M)	772.53	772.53	772.53
Fair Value	$38.63	$40.43	$42.30
Upside / Downside	63.36%	70.96%	78.84%

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Xianhe Co.,Ltd. (603733.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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