DDM Analysis: 300827.SZ

Valuation Snapshot

Stable Growth	$47.74 - $213.72	$111.28
Multi-Stage	$24.21 - $26.51	$25.34
Blended Fair Value	$68.31
Current Price	$36.62
Upside	86.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.85%	41.18%	0.19	0.11	0.07	0.06	0.03	0.04	0.03	0.05	0.02	0.04
YoY Growth	-	-	66.15%	64.20%	21.22%	83.61%	-18.02%	11.23%	-27.94%	133.38%	-54.82%	647.90%
Dividend Yield	-	-	0.81%	0.42%	0.24%	0.17%	0.20%	0.39%	0.35%	0.49%	0.21%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	427.81
(-) Cash Dividends Paid (M)	43.13
(=) Cash Retained (M)	384.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.56	53.48	32.09
Cash Retained (M)	384.68	384.68	384.68
(-) Cash Required (M)	-85.56	-53.48	-32.09
(=) Excess Retained (M)	299.12	331.21	352.60
(/) Shares Outstanding (M)	398.10	398.10	398.10
(=) Excess Retained per Share	0.75	0.83	0.89
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.75	0.83	0.89
(=) Adjusted Dividend	0.86	0.94	0.99
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$47.74	$111.28	$213.72
Upside / Downside	30.36%	203.88%	483.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	427.81	455.62	485.23	516.77	550.36	586.14	603.72
Payout Ratio	10.08%	26.06%	42.05%	58.03%	74.02%	90.00%	92.50%
Projected Dividends (M)	43.13	118.76	204.03	299.89	407.36	527.52	558.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	109.53	110.57	111.61
Year 2 PV (M)	173.58	176.89	180.22
Year 3 PV (M)	235.32	242.08	248.96
Year 4 PV (M)	294.83	306.17	317.83
Year 5 PV (M)	352.16	369.17	386.83
PV of Terminal Value (M)	8,472.79	8,882.03	9,306.93
Equity Value (M)	9,638.21	10,086.90	10,552.38
Shares Outstanding (M)	398.10	398.10	398.10
Fair Value	$24.21	$25.34	$26.51
Upside / Downside	-33.89%	-30.81%	-27.62%

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Sineng Electric Co.,Ltd. (300827.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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