DDM Analysis: 688113.SS

Valuation Snapshot

Stable Growth	$274.74 - $323.69	$303.35
Multi-Stage	$187.71 - $206.00	$196.69
Blended Fair Value	$250.02
Current Price	$40.25
Upside	521.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	13.15%	0.00%	0.58	0.19	0.12	0.00	0.19	0.31	0.29	0.14	0.00	0.00
YoY Growth	-	-	198.53%	58.68%	0.00%	-100.00%	-37.61%	6.73%	106.14%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.92%	0.49%	0.24%	0.00%	0.29%	0.46%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	102.72
(-) Cash Dividends Paid (M)	28.43
(=) Cash Retained (M)	74.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.54	12.84	7.70
Cash Retained (M)	74.28	74.28	74.28
(-) Cash Required (M)	-20.54	-12.84	-7.70
(=) Excess Retained (M)	53.74	61.44	66.58
(/) Shares Outstanding (M)	63.11	63.11	63.11
(=) Excess Retained per Share	0.85	0.97	1.05
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	0.85	0.97	1.05
(=) Adjusted Dividend	1.30	1.42	1.51
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$274.74	$303.35	$323.69
Upside / Downside	582.59%	653.66%	704.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	102.72	109.39	116.51	124.08	132.14	140.73	144.95
Payout Ratio	27.68%	40.15%	52.61%	65.07%	77.54%	90.00%	92.50%
Projected Dividends (M)	28.43	43.92	61.29	80.74	102.46	126.66	134.08

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)	42.57	42.97	43.38
Year 2 PV (M)	57.59	58.69	59.79
Year 3 PV (M)	73.53	75.65	77.80
Year 4 PV (M)	90.45	93.93	97.51
Year 5 PV (M)	108.38	113.62	119.05
PV of Terminal Value (M)	11,473.70	12,027.89	12,603.28
Equity Value (M)	11,846.23	12,412.74	13,000.81
Shares Outstanding (M)	63.11	63.11	63.11
Fair Value	$187.71	$196.69	$206.00
Upside / Downside	366.36%	388.66%	411.81%

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Jiangsu Liance Electromechanical Technology Co., Ltd. (688113.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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