DDM Analysis: 603530.SS

Valuation Snapshot

Stable Growth	$147.90 - $174.26	$163.30
Multi-Stage	$101.54 - $111.41	$106.39
Blended Fair Value	$134.85
Current Price	$32.98
Upside	308.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	523.75%	0.00%	0.26	0.05	0.11	0.12	0.21	0.00	0.01	0.04	0.01	0.00
YoY Growth	-	-	417.01%	-51.71%	-13.97%	-40.91%	743,791.36%	-99.64%	-80.23%	450.00%	0.00%	0.00%
Dividend Yield	-	-	0.93%	0.27%	0.70%	0.94%	1.11%	0.00%	0.09%	0.45%	0.08%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	372.15
(-) Cash Dividends Paid (M)	201.27
(=) Cash Retained (M)	170.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	74.43	46.52	27.91
Cash Retained (M)	170.88	170.88	170.88
(-) Cash Required (M)	-74.43	-46.52	-27.91
(=) Excess Retained (M)	96.45	124.36	142.97
(/) Shares Outstanding (M)	424.73	424.73	424.73
(=) Excess Retained per Share	0.23	0.29	0.34
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.23	0.29	0.34
(=) Adjusted Dividend	0.70	0.77	0.81
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$147.90	$163.30	$174.26
Upside / Downside	348.47%	395.16%	428.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	372.15	396.34	422.11	449.54	478.76	509.88	525.18
Payout Ratio	54.08%	61.27%	68.45%	75.63%	82.82%	90.00%	92.50%
Projected Dividends (M)	201.27	242.83	288.93	340.00	396.50	458.90	485.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	235.37	237.61	239.84
Year 2 PV (M)	271.47	276.64	281.86
Year 3 PV (M)	309.66	318.55	327.61
Year 4 PV (M)	350.03	363.49	377.34
Year 5 PV (M)	392.69	411.65	431.35
PV of Terminal Value (M)	41,570.14	43,577.99	45,662.69
Equity Value (M)	43,129.36	45,185.93	47,320.68
Shares Outstanding (M)	424.73	424.73	424.73
Fair Value	$101.54	$106.39	$111.41
Upside / Downside	207.90%	222.58%	237.82%

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Jiangsu Shemar Electric Co.,Ltd (603530.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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