DDM Analysis: 603308.SS

Valuation Snapshot

Stable Growth	$87.49 - $103.10	$96.61
Multi-Stage	$30.92 - $33.94	$32.40
Blended Fair Value	$64.51
Current Price	$32.52
Upside	98.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	59.54%	2.91%	0.34	0.18	0.10	0.09	0.06	0.03	0.03	0.03	0.04	0.03
YoY Growth	-	-	89.10%	73.53%	15.16%	53.09%	78.67%	21.43%	5.00%	-33.33%	20.48%	-87.42%
Dividend Yield	-	-	1.82%	1.23%	0.52%	0.64%	0.31%	0.34%	0.33%	0.24%	0.29%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	353.48
(-) Cash Dividends Paid (M)	190.86
(=) Cash Retained (M)	162.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	70.70	44.19	26.51
Cash Retained (M)	162.63	162.63	162.63
(-) Cash Required (M)	-70.70	-44.19	-26.51
(=) Excess Retained (M)	91.93	118.44	136.11
(/) Shares Outstanding (M)	673.64	673.64	673.64
(=) Excess Retained per Share	0.14	0.18	0.20
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.14	0.18	0.20
(=) Adjusted Dividend	0.42	0.46	0.49
WACC / Discount Rate	4.69%	4.69%	4.69%
Growth Rate	4.21%	5.21%	6.21%
Fair Value	$87.49	$96.61	$103.10
Upside / Downside	169.04%	197.08%	217.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	353.48	371.89	391.26	411.63	433.06	455.61	469.28
Payout Ratio	53.99%	61.19%	68.40%	75.60%	82.80%	90.00%	92.50%
Projected Dividends (M)	190.86	227.58	267.60	311.18	358.57	410.05	434.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.69%	4.69%	4.69%
Growth Rate	4.21%	5.21%	6.21%
Year 1 PV (M)	215.32	217.39	219.46
Year 2 PV (M)	239.56	244.18	248.84
Year 3 PV (M)	263.57	271.23	279.04
Year 4 PV (M)	287.36	298.55	310.06
Year 5 PV (M)	310.92	326.13	341.92
PV of Terminal Value (M)	19,515.21	20,469.72	21,461.22
Equity Value (M)	20,831.94	21,827.19	22,860.54
Shares Outstanding (M)	673.64	673.64	673.64
Fair Value	$30.92	$32.40	$33.94
Upside / Downside	-4.91%	-0.36%	4.35%

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Anhui Yingliu Electromechanical Co., Ltd. (603308.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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