DDM Analysis: 688698.SS

Valuation Snapshot

Stable Growth	$207.46 - $244.42	$229.06
Multi-Stage	$145.68 - $159.87	$152.64
Blended Fair Value	$190.85
Current Price	$95.35
Upside	100.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	101.56%	0.00%	0.42	0.21	0.15	0.10	0.04	0.01	0.13	0.02	0.00	0.00
YoY Growth	-	-	97.31%	41.90%	43.69%	133.55%	254.03%	-90.53%	591.89%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.79%	0.77%	0.63%	0.56%	0.26%	0.06%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	259.20
(-) Cash Dividends Paid (M)	86.85
(=) Cash Retained (M)	172.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.84	32.40	19.44
Cash Retained (M)	172.35	172.35	172.35
(-) Cash Required (M)	-51.84	-32.40	-19.44
(=) Excess Retained (M)	120.51	139.95	152.91
(/) Shares Outstanding (M)	210.90	210.90	210.90
(=) Excess Retained per Share	0.57	0.66	0.73
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.57	0.66	0.73
(=) Adjusted Dividend	0.98	1.08	1.14
WACC / Discount Rate	1.65%	1.65%	1.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$207.46	$229.06	$244.42
Upside / Downside	117.57%	140.23%	156.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	259.20	276.05	293.99	313.10	333.45	355.13	365.78
Payout Ratio	33.51%	44.81%	56.10%	67.40%	78.70%	90.00%	92.50%
Projected Dividends (M)	86.85	123.68	164.94	211.04	262.43	319.62	338.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.65%	1.65%	1.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	120.53	121.67	122.81
Year 2 PV (M)	156.63	159.62	162.63
Year 3 PV (M)	195.30	200.91	206.62
Year 4 PV (M)	236.67	245.77	255.13
Year 5 PV (M)	280.88	294.45	308.54
PV of Terminal Value (M)	29,734.60	31,170.79	32,661.95
Equity Value (M)	30,724.61	32,193.20	33,717.67
Shares Outstanding (M)	210.90	210.90	210.90
Fair Value	$145.68	$152.64	$159.87
Upside / Downside	52.78%	60.09%	67.67%

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Suzhou Veichi Electric Co., Ltd. (688698.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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