DDM Analysis: 601100.SS

Valuation Snapshot

Stable Growth	$39.21 - $83.15	$55.66
Multi-Stage	$28.59 - $31.23	$29.88
Blended Fair Value	$42.77
Current Price	$95.77
Upside	-55.34%
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	10.11%	22.06%	0.45	0.56	0.55	0.43	0.28	0.28	0.11	0.06	0.05	0.04
YoY Growth	-	-	-19.50%	1.10%	26.75%	56.75%	0.11%	162.14%	63.59%	21.87%	40.05%	-38.03%
Dividend Yield	-	-	0.56%	1.05%	0.83%	0.83%	0.31%	0.67%	0.47%	0.44%	0.69%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,804.12
(-) Cash Dividends Paid (M)	474.86
(=) Cash Retained (M)	2,329.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	560.82	350.52	210.31
Cash Retained (M)	2,329.27	2,329.27	2,329.27
(-) Cash Required (M)	-560.82	-350.52	-210.31
(=) Excess Retained (M)	1,768.44	1,978.75	2,118.96
(/) Shares Outstanding (M)	1,341.65	1,341.65	1,341.65
(=) Excess Retained per Share	1.32	1.47	1.58
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	1.32	1.47	1.58
(=) Adjusted Dividend	1.67	1.83	1.93
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.21	$55.66	$83.15
Upside / Downside	-59.06%	-41.88%	-13.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,804.12	2,986.39	3,180.51	3,387.24	3,607.41	3,841.89	3,957.15
Payout Ratio	16.93%	31.55%	46.16%	60.77%	75.39%	90.00%	92.50%
Projected Dividends (M)	474.86	942.13	1,468.14	2,058.55	2,719.51	3,457.70	3,660.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	848.44	856.48	864.53
Year 2 PV (M)	1,190.67	1,213.35	1,236.24
Year 3 PV (M)	1,503.48	1,546.64	1,590.62
Year 4 PV (M)	1,788.71	1,857.50	1,928.26
Year 5 PV (M)	2,048.09	2,147.02	2,249.73
PV of Terminal Value (M)	30,975.86	32,472.01	34,025.42
Equity Value (M)	38,355.27	40,093.01	41,894.79
Shares Outstanding (M)	1,341.65	1,341.65	1,341.65
Fair Value	$28.59	$29.88	$31.23
Upside / Downside	-70.15%	-68.80%	-67.39%

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Jiangsu Hengli Hydraulic Co.,Ltd (601100.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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