DDM Analysis: 603358.SS

Valuation Snapshot

Stable Growth	$154.60 - $182.14	$170.69
Multi-Stage	$126.65 - $138.96	$132.69
Blended Fair Value	$151.69
Current Price	$42.55
Upside	256.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.64%	10.27%	0.37	0.32	0.33	0.30	0.21	0.21	0.34	0.24	0.13	0.13
YoY Growth	-	-	17.79%	-3.00%	9.07%	44.41%	0.78%	-38.93%	41.60%	81.33%	0.00%	-6.51%
Dividend Yield	-	-	1.03%	1.45%	1.67%	1.40%	1.28%	2.06%	3.28%	1.88%	0.57%	0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	418.14
(-) Cash Dividends Paid (M)	248.06
(=) Cash Retained (M)	170.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	83.63	52.27	31.36
Cash Retained (M)	170.08	170.08	170.08
(-) Cash Required (M)	-83.63	-52.27	-31.36
(=) Excess Retained (M)	86.45	117.81	138.72
(/) Shares Outstanding (M)	456.55	456.55	456.55
(=) Excess Retained per Share	0.19	0.26	0.30
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	0.19	0.26	0.30
(=) Adjusted Dividend	0.73	0.80	0.85
WACC / Discount Rate	-1.38%	-1.38%	-1.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$154.60	$170.69	$182.14
Upside / Downside	263.33%	301.16%	328.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	418.14	445.32	474.27	505.09	537.92	572.89	590.08
Payout Ratio	59.33%	65.46%	71.60%	77.73%	83.87%	90.00%	92.50%
Projected Dividends (M)	248.06	291.51	339.55	392.61	451.13	515.60	545.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.38%	-1.38%	-1.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	292.80	295.57	298.35
Year 2 PV (M)	342.57	349.09	355.68
Year 3 PV (M)	397.85	409.27	420.91
Year 4 PV (M)	459.18	476.84	495.00
Year 5 PV (M)	527.12	552.58	579.02
PV of Terminal Value (M)	55,801.96	58,497.22	61,295.63
Equity Value (M)	57,821.48	60,580.58	63,444.59
Shares Outstanding (M)	456.55	456.55	456.55
Fair Value	$126.65	$132.69	$138.96
Upside / Downside	197.65%	211.85%	226.59%

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Huada Automotive Technology Corp.,Ltd (603358.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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