DDM Analysis: 300693.SZ

Valuation Snapshot

Stable Growth	$236.08 - $278.14	$260.66
Multi-Stage	$161.57 - $177.30	$169.29
Blended Fair Value	$214.98
Current Price	$41.38
Upside	419.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	45.11%	0.00%	0.35	0.16	0.09	0.08	0.05	0.05	0.09	0.04	0.00	0.00
YoY Growth	-	-	123.23%	66.63%	18.14%	50.16%	-2.50%	-38.41%	110.53%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.99%	0.51%	0.24%	0.46%	0.45%	0.82%	1.07%	0.45%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	435.02
(-) Cash Dividends Paid (M)	160.47
(=) Cash Retained (M)	274.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.00	54.38	32.63
Cash Retained (M)	274.55	274.55	274.55
(-) Cash Required (M)	-87.00	-54.38	-32.63
(=) Excess Retained (M)	187.55	220.18	241.93
(/) Shares Outstanding (M)	311.04	311.04	311.04
(=) Excess Retained per Share	0.60	0.71	0.78
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.60	0.71	0.78
(=) Adjusted Dividend	1.12	1.22	1.29
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$236.08	$260.66	$278.14
Upside / Downside	470.52%	529.92%	572.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	435.02	463.30	493.41	525.48	559.64	596.01	613.90
Payout Ratio	36.89%	47.51%	58.13%	68.75%	79.38%	90.00%	92.50%
Projected Dividends (M)	160.47	220.11	286.83	361.29	444.23	536.41	567.85

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)	213.36	215.38	217.40
Year 2 PV (M)	269.50	274.63	279.81
Year 3 PV (M)	329.05	338.49	348.12
Year 4 PV (M)	392.17	407.25	422.76
Year 5 PV (M)	459.02	481.19	504.21
PV of Terminal Value (M)	48,592.23	50,939.25	53,376.10
Equity Value (M)	50,255.32	52,656.20	55,148.41
Shares Outstanding (M)	311.04	311.04	311.04
Fair Value	$161.57	$169.29	$177.30
Upside / Downside	290.46%	309.11%	328.47%

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Shenzhen Sinexcel Electric Co.,Ltd. (300693.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener