DDM Analysis: 000682.SZ

Valuation Snapshot

Stable Growth	$11.36 - $25.58	$16.47
Multi-Stage	$8.01 - $8.76	$8.37
Blended Fair Value	$12.42
Current Price	$12.03
Upside	3.27%
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	106.03%	18.51%	0.12	0.08	0.06	0.00	0.04	0.00	0.01	0.00	0.00	0.01
YoY Growth	-	-	54.52%	22.43%	2,217.65%	-93.50%	1,203.20%	-39.24%	142.97%	-8.24%	-61.78%	-71.57%
Dividend Yield	-	-	1.19%	0.81%	0.75%	0.04%	0.87%	0.07%	0.08%	0.05%	0.05%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	757.74
(-) Cash Dividends Paid (M)	49.70
(=) Cash Retained (M)	708.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	151.55	94.72	56.83
Cash Retained (M)	708.04	708.04	708.04
(-) Cash Required (M)	-151.55	-94.72	-56.83
(=) Excess Retained (M)	556.49	613.32	651.21
(/) Shares Outstanding (M)	1,340.64	1,340.64	1,340.64
(=) Excess Retained per Share	0.42	0.46	0.49
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.42	0.46	0.49
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.36	$16.47	$25.58
Upside / Downside	-5.53%	36.92%	112.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	757.74	806.99	859.44	915.31	974.80	1,038.16	1,069.31
Payout Ratio	6.56%	23.25%	39.94%	56.62%	73.31%	90.00%	92.50%
Projected Dividends (M)	49.70	187.60	343.22	518.28	714.65	934.35	989.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	169.41	171.02	172.62
Year 2 PV (M)	279.89	285.22	290.60
Year 3 PV (M)	381.67	392.62	403.79
Year 4 PV (M)	475.24	493.52	512.32
Year 5 PV (M)	561.10	588.20	616.34
PV of Terminal Value (M)	8,868.70	9,297.07	9,741.82
Equity Value (M)	10,736.01	11,227.64	11,737.49
Shares Outstanding (M)	1,340.64	1,340.64	1,340.64
Fair Value	$8.01	$8.37	$8.76
Upside / Downside	-33.43%	-30.38%	-27.22%

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Dongfang Electronics Co., Ltd. (000682.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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