DDM Analysis: 603606.SS

Valuation Snapshot

Stable Growth	$243.73 - $287.15	$269.11
Multi-Stage	$167.08 - $183.35	$175.06
Blended Fair Value	$222.09
Current Price	$70.64
Upside	214.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	32.04%	16.69%	0.48	0.30	0.40	0.24	0.14	0.12	0.09	0.07	0.04	0.06
YoY Growth	-	-	59.65%	-25.25%	68.64%	65.95%	20.19%	29.01%	33.47%	86.99%	-38.15%	-41.45%
Dividend Yield	-	-	0.99%	0.65%	0.82%	0.46%	0.61%	0.98%	1.00%	1.20%	0.40%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	990.01
(-) Cash Dividends Paid (M)	322.85
(=) Cash Retained (M)	667.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	198.00	123.75	74.25
Cash Retained (M)	667.17	667.17	667.17
(-) Cash Required (M)	-198.00	-123.75	-74.25
(=) Excess Retained (M)	469.16	543.42	592.92
(/) Shares Outstanding (M)	685.65	685.65	685.65
(=) Excess Retained per Share	0.68	0.79	0.86
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.68	0.79	0.86
(=) Adjusted Dividend	1.16	1.26	1.34
WACC / Discount Rate	2.15%	2.15%	2.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$243.73	$269.11	$287.15
Upside / Downside	245.03%	280.95%	306.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	990.01	1,054.36	1,122.90	1,195.89	1,273.62	1,356.40	1,397.09
Payout Ratio	32.61%	44.09%	55.57%	67.04%	78.52%	90.00%	92.50%
Projected Dividends (M)	322.85	464.85	623.95	801.77	1,000.07	1,220.76	1,292.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.15%	2.15%	2.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	450.81	455.08	459.35
Year 2 PV (M)	586.83	598.00	609.29
Year 3 PV (M)	731.29	752.28	773.67
Year 4 PV (M)	884.60	918.62	953.61
Year 5 PV (M)	1,047.20	1,097.78	1,150.29
PV of Terminal Value (M)	110,857.27	116,211.71	121,771.09
Equity Value (M)	114,557.99	120,033.48	125,717.30
Shares Outstanding (M)	685.65	685.65	685.65
Fair Value	$167.08	$175.06	$183.35
Upside / Downside	136.52%	147.83%	159.56%

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Ningbo Orient Wires & Cables Co.,Ltd. (603606.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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