DDM Analysis: 603678.SS

Valuation Snapshot

Stable Growth	$104.78 - $123.45	$115.69
Multi-Stage	$81.22 - $89.14	$85.11
Blended Fair Value	$100.40
Current Price	$38.87
Upside	158.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.16%	13.98%	0.29	0.42	0.56	0.34	0.21	0.14	0.20	0.11	0.10	0.09
YoY Growth	-	-	-32.39%	-23.71%	65.61%	59.01%	49.09%	-29.00%	79.67%	12.43%	12.36%	13.44%
Dividend Yield	-	-	0.72%	1.94%	1.34%	0.65%	0.37%	0.63%	0.93%	0.41%	0.32%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	288.87
(-) Cash Dividends Paid (M)	75.87
(=) Cash Retained (M)	213.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.77	36.11	21.67
Cash Retained (M)	213.00	213.00	213.00
(-) Cash Required (M)	-57.77	-36.11	-21.67
(=) Excess Retained (M)	155.23	176.89	191.33
(/) Shares Outstanding (M)	465.36	465.36	465.36
(=) Excess Retained per Share	0.33	0.38	0.41
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.33	0.38	0.41
(=) Adjusted Dividend	0.50	0.54	0.57
WACC / Discount Rate	-0.38%	-0.38%	-0.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$104.78	$115.69	$123.45
Upside / Downside	169.57%	197.64%	217.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	288.87	307.65	327.65	348.94	371.63	395.78	407.65
Payout Ratio	26.27%	39.01%	51.76%	64.51%	77.25%	90.00%	92.50%
Projected Dividends (M)	75.87	120.02	169.59	225.09	287.09	356.20	377.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.38%	-0.38%	-0.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	119.35	120.48	121.61
Year 2 PV (M)	167.69	170.88	174.10
Year 3 PV (M)	221.32	227.67	234.14
Year 4 PV (M)	280.69	291.49	302.59
Year 5 PV (M)	346.31	363.03	380.40
PV of Terminal Value (M)	36,660.34	38,431.04	40,269.52
Equity Value (M)	37,795.68	39,604.59	41,482.37
Shares Outstanding (M)	465.36	465.36	465.36
Fair Value	$81.22	$85.11	$89.14
Upside / Downside	108.95%	118.95%	129.33%

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Fujian Torch Electron Technology Co., Ltd. (603678.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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