DDM Analysis: 600783.SS

Valuation Snapshot

Stable Growth	$1.90 - $2.84	$2.34
Multi-Stage	$3.71 - $4.07	$3.89
Blended Fair Value	$3.12
Current Price	$13.52
Upside	-76.96%
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	6.89%	6.94%	0.29	0.39	0.39	0.27	0.24	0.21	0.17	0.28	0.20	0.25
YoY Growth	-	-	-26.19%	0.28%	45.36%	11.05%	16.82%	17.93%	-36.60%	37.64%	-20.08%	70.41%
Dividend Yield	-	-	2.38%	3.41%	2.89%	1.78%	1.82%	1.66%	0.74%	2.06%	0.88%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	172.58
(-) Cash Dividends Paid (M)	74.95
(=) Cash Retained (M)	97.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.52	21.57	12.94
Cash Retained (M)	97.63	97.63	97.63
(-) Cash Required (M)	-34.52	-21.57	-12.94
(=) Excess Retained (M)	63.11	76.06	84.69
(/) Shares Outstanding (M)	756.23	756.23	756.23
(=) Excess Retained per Share	0.08	0.10	0.11
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.08	0.10	0.11
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	7.43%	7.43%	7.43%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.90	$2.34	$2.84
Upside / Downside	-85.97%	-82.66%	-79.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	172.58	170.86	169.15	167.46	165.78	164.13	169.05
Payout Ratio	43.43%	52.74%	62.06%	71.37%	80.69%	90.00%	92.50%
Projected Dividends (M)	74.95	90.12	104.97	119.52	133.76	147.71	156.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.43%	7.43%	7.43%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	83.03	83.88	84.73
Year 2 PV (M)	89.12	90.95	92.79
Year 3 PV (M)	93.49	96.39	99.34
Year 4 PV (M)	96.41	100.41	104.53
Year 5 PV (M)	98.10	103.21	108.53
PV of Terminal Value (M)	2,342.07	2,464.03	2,591.02
Equity Value (M)	2,802.23	2,938.86	3,080.93
Shares Outstanding (M)	756.23	756.23	756.23
Fair Value	$3.71	$3.89	$4.07
Upside / Downside	-72.59%	-71.26%	-69.87%

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Luxin Venture Capital Group Co., Ltd. (600783.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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