DDM Analysis: 600353.SS

Valuation Snapshot

Stable Growth	$2.30 - $4.32	$3.12
Multi-Stage	$2.27 - $2.48	$2.37
Blended Fair Value	$2.74
Current Price	$16.75
Upside	-83.62%
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	5.09%	4.84%	0.05	0.01	0.01	0.02	0.04	0.04	0.01	0.02	0.02	0.02
YoY Growth	-	-	392.97%	102.35%	-75.05%	-51.79%	6.81%	204.46%	-16.93%	-7.39%	-23.12%	-30.47%
Dividend Yield	-	-	0.61%	0.15%	0.06%	0.42%	1.33%	1.12%	0.33%	0.37%	0.23%	0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	122.72
(-) Cash Dividends Paid (M)	60.21
(=) Cash Retained (M)	62.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.54	15.34	9.20
Cash Retained (M)	62.50	62.50	62.50
(-) Cash Required (M)	-24.54	-15.34	-9.20
(=) Excess Retained (M)	37.96	47.17	53.30
(/) Shares Outstanding (M)	829.74	829.74	829.74
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	3.73%	4.73%	5.73%
Fair Value	$2.30	$3.12	$4.32
Upside / Downside	-86.30%	-81.39%	-74.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	122.72	128.53	134.61	140.98	147.65	154.63	159.27
Payout Ratio	49.07%	57.25%	65.44%	73.63%	81.81%	90.00%	92.50%
Projected Dividends (M)	60.21	73.58	88.09	103.80	120.79	139.17	147.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	3.73%	4.73%	5.73%
Year 1 PV (M)	66.82	67.46	68.10
Year 2 PV (M)	72.63	74.03	75.45
Year 3 PV (M)	77.71	79.98	82.29
Year 4 PV (M)	82.11	85.33	88.63
Year 5 PV (M)	85.90	90.12	94.51
PV of Terminal Value (M)	1,496.04	1,569.56	1,645.93
Equity Value (M)	1,881.21	1,966.48	2,054.92
Shares Outstanding (M)	829.74	829.74	829.74
Fair Value	$2.27	$2.37	$2.48
Upside / Downside	-86.46%	-85.85%	-85.21%

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Chengdu Xuguang Electronics Co., Ltd. (600353.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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