DDM Analysis: 301121.SZ

Valuation Snapshot

Stable Growth	$84.05 - $99.02	$92.80
Multi-Stage	$56.47 - $61.94	$59.16
Blended Fair Value	$75.98
Current Price	$52.91
Upside	43.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	47.85%	0.00%	0.47	0.17	0.08	0.04	0.01	0.07	0.01	0.00	0.00	0.00
YoY Growth	-	-	174.10%	115.30%	96.48%	548.22%	-90.60%	1,055.88%	241.91%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.11%	0.69%	0.19%	0.06%	0.01%	0.11%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.37
(-) Cash Dividends Paid (M)	27.37
(=) Cash Retained (M)	11.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.67	4.80	2.88
Cash Retained (M)	11.00	11.00	11.00
(-) Cash Required (M)	-7.67	-4.80	-2.88
(=) Excess Retained (M)	3.32	6.20	8.12
(/) Shares Outstanding (M)	77.07	77.07	77.07
(=) Excess Retained per Share	0.04	0.08	0.11
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.04	0.08	0.11
(=) Adjusted Dividend	0.40	0.44	0.46
WACC / Discount Rate	2.71%	2.71%	2.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$84.05	$92.80	$99.02
Upside / Downside	58.85%	75.39%	87.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.37	40.87	43.52	46.35	49.36	52.57	54.15
Payout Ratio	71.34%	75.07%	78.80%	82.54%	86.27%	90.00%	92.50%
Projected Dividends (M)	27.37	30.68	34.30	38.26	42.59	47.32	50.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.71%	2.71%	2.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.59	29.87	30.15
Year 2 PV (M)	31.90	32.51	33.12
Year 3 PV (M)	34.32	35.31	36.31
Year 4 PV (M)	36.85	38.26	39.72
Year 5 PV (M)	39.48	41.39	43.37
PV of Terminal Value (M)	4,179.78	4,381.66	4,591.27
Equity Value (M)	4,351.92	4,559.00	4,773.95
Shares Outstanding (M)	77.07	77.07	77.07
Fair Value	$56.47	$59.16	$61.94
Upside / Downside	6.73%	11.80%	17.08%

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Chongqing VDL Electronics Co., Ltd. (301121.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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