DDM Analysis: 600081.SS

Valuation Snapshot

Stable Growth	$0.73 - $1.08	$0.90
Multi-Stage	$1.46 - $1.61	$1.53
Blended Fair Value	$1.22
Current Price	$12.93
Upside	-90.59%
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	-0.55%	-11.31%	0.10	0.12	0.18	0.09	0.18	0.10	0.12	0.13	0.25	0.37
YoY Growth	-	-	-13.40%	-37.21%	106.48%	-51.52%	78.71%	-11.43%	-9.32%	-48.84%	-32.15%	11.08%
Dividend Yield	-	-	0.67%	1.04%	1.72%	0.81%	1.70%	1.02%	1.17%	1.08%	1.76%	2.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	52.39
(-) Cash Dividends Paid (M)	21.88
(=) Cash Retained (M)	30.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.48	6.55	3.93
Cash Retained (M)	30.51	30.51	30.51
(-) Cash Required (M)	-10.48	-6.55	-3.93
(=) Excess Retained (M)	20.03	23.96	26.58
(/) Shares Outstanding (M)	552.93	552.93	552.93
(=) Excess Retained per Share	0.04	0.04	0.05
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.04	0.04	0.05
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	7.53%	7.53%	7.53%
Growth Rate	-2.55%	-1.55%	-0.55%
Fair Value	$0.73	$0.90	$1.08
Upside / Downside	-94.33%	-93.05%	-91.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	52.39	51.58	50.78	49.99	49.22	48.46	49.91
Payout Ratio	41.77%	51.41%	61.06%	70.71%	80.35%	90.00%	92.50%
Projected Dividends (M)	21.88	26.52	31.01	35.35	39.55	43.61	46.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.53%	7.53%	7.53%
Growth Rate	-2.55%	-1.55%	-0.55%
Year 1 PV (M)	24.41	24.66	24.91
Year 2 PV (M)	26.27	26.82	27.36
Year 3 PV (M)	27.57	28.43	29.30
Year 4 PV (M)	28.40	29.58	30.80
Year 5 PV (M)	28.82	30.33	31.90
PV of Terminal Value (M)	673.30	708.56	745.29
Equity Value (M)	808.78	848.38	889.57
Shares Outstanding (M)	552.93	552.93	552.93
Fair Value	$1.46	$1.53	$1.61
Upside / Downside	-88.69%	-88.13%	-87.56%

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Dongfeng Electronic Technology Co.,Ltd. (600081.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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