DDM Analysis: 603577.SS

Valuation Snapshot

Stable Growth	$29.96 - $77.47	$72.60
Multi-Stage	$11.42 - $12.48	$11.94
Blended Fair Value	$42.27
Current Price	$9.28
Upside	355.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.03%	26.16%	0.45	0.39	0.36	0.31	0.20	0.17	0.18	0.13	0.04	0.04
YoY Growth	-	-	13.88%	10.58%	13.44%	55.85%	21.54%	-9.90%	40.27%	237.40%	0.61%	-12.01%
Dividend Yield	-	-	5.04%	4.76%	3.44%	3.11%	2.29%	1.92%	1.92%	1.39%	0.17%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	132.10
(-) Cash Dividends Paid (M)	105.18
(=) Cash Retained (M)	26.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.42	16.51	9.91
Cash Retained (M)	26.92	26.92	26.92
(-) Cash Required (M)	-26.42	-16.51	-9.91
(=) Excess Retained (M)	0.50	10.41	17.01
(/) Shares Outstanding (M)	339.11	339.11	339.11
(=) Excess Retained per Share	0.00	0.03	0.05
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.00	0.03	0.05
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$29.96	$72.60	$77.47
Upside / Downside	222.86%	682.32%	734.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	132.10	140.68	149.83	159.57	169.94	180.98	186.41
Payout Ratio	79.62%	81.70%	83.77%	85.85%	87.92%	90.00%	92.50%
Projected Dividends (M)	105.18	114.93	125.52	136.99	149.42	162.88	172.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	106.81	107.82	108.83
Year 2 PV (M)	108.40	110.46	112.54
Year 3 PV (M)	109.94	113.09	116.31
Year 4 PV (M)	111.44	115.72	120.13
Year 5 PV (M)	112.89	118.34	124.01
PV of Terminal Value (M)	3,322.19	3,482.65	3,649.25
Equity Value (M)	3,871.65	4,048.09	4,231.07
Shares Outstanding (M)	339.11	339.11	339.11
Fair Value	$11.42	$11.94	$12.48
Upside / Downside	23.03%	28.64%	34.45%

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Qingdao Huijintong Power Equipment Co.,Ltd. (603577.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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