DDM Analysis: 600335.SS

Valuation Snapshot

Stable Growth	$1.31 - $1.77	$1.55
Multi-Stage	$3.65 - $4.04	$3.84
Blended Fair Value	$2.69
Current Price	$5.98
Upside	-54.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-25.94%	-16.90%	0.08	0.14	0.13	0.22	0.19	0.35	0.42	0.23	0.21	0.68
YoY Growth	-	-	-45.07%	9.90%	-40.75%	13.35%	-45.05%	-17.32%	79.09%	13.84%	-69.78%	38.43%
Dividend Yield	-	-	1.13%	1.77%	1.35%	2.55%	3.64%	6.74%	5.32%	2.07%	1.59%	6.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	446.81
(-) Cash Dividends Paid (M)	218.91
(=) Cash Retained (M)	227.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.36	55.85	33.51
Cash Retained (M)	227.90	227.90	227.90
(-) Cash Required (M)	-89.36	-55.85	-33.51
(=) Excess Retained (M)	138.54	172.05	194.39
(/) Shares Outstanding (M)	1,496.17	1,496.17	1,496.17
(=) Excess Retained per Share	0.09	0.11	0.13
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.09	0.11	0.13
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	-9.37%	-8.37%	-7.37%
Fair Value	$1.31	$1.55	$1.77
Upside / Downside	-78.04%	-74.15%	-70.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	446.81	409.42	375.16	343.77	315.00	288.64	297.30
Payout Ratio	48.99%	57.20%	65.40%	73.60%	81.80%	90.00%	92.50%
Projected Dividends (M)	218.91	234.17	245.34	253.01	257.67	259.78	275.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	-9.37%	-8.37%	-7.37%
Year 1 PV (M)	216.22	218.61	220.99
Year 2 PV (M)	209.17	213.81	218.51
Year 3 PV (M)	199.17	205.84	212.65
Year 4 PV (M)	187.29	195.70	204.38
Year 5 PV (M)	174.35	184.18	194.46
PV of Terminal Value (M)	4,480.05	4,732.72	4,996.66
Equity Value (M)	5,466.25	5,750.85	6,047.64
Shares Outstanding (M)	1,496.17	1,496.17	1,496.17
Fair Value	$3.65	$3.84	$4.04
Upside / Downside	-38.90%	-35.72%	-32.41%

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Sinomach Automobile Co., Ltd. (600335.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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