DDM Analysis: 600452.SS

Valuation Snapshot

Stable Growth	$19.72 - $50.64	$47.46
Multi-Stage	$7.29 - $7.98	$7.63
Blended Fair Value	$27.54
Current Price	$9.31
Upside	195.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.11%	65.17%	0.15	0.11	0.09	0.06	0.08	0.07	0.02	0.02	0.04	0.02
YoY Growth	-	-	39.37%	28.71%	36.19%	-19.50%	16.85%	220.87%	25.00%	-54.29%	75.00%	1,949.31%
Dividend Yield	-	-	1.61%	1.15%	0.75%	0.90%	1.16%	1.60%	0.44%	0.36%	0.59%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	390.19
(-) Cash Dividends Paid (M)	161.34
(=) Cash Retained (M)	228.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	78.04	48.77	29.26
Cash Retained (M)	228.85	228.85	228.85
(-) Cash Required (M)	-78.04	-48.77	-29.26
(=) Excess Retained (M)	150.81	180.08	199.59
(/) Shares Outstanding (M)	1,532.41	1,532.41	1,532.41
(=) Excess Retained per Share	0.10	0.12	0.13
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.10	0.12	0.13
(=) Adjusted Dividend	0.20	0.22	0.24
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.72	$47.46	$50.64
Upside / Downside	111.84%	409.72%	443.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	390.19	415.55	442.56	471.33	501.96	534.59	550.63
Payout Ratio	41.35%	51.08%	60.81%	70.54%	80.27%	90.00%	92.50%
Projected Dividends (M)	161.34	212.26	269.12	332.47	402.92	481.13	509.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	197.27	199.14	201.01
Year 2 PV (M)	232.44	236.87	241.34
Year 3 PV (M)	266.88	274.54	282.35
Year 4 PV (M)	300.59	312.15	324.04
Year 5 PV (M)	333.58	349.69	366.42
PV of Terminal Value (M)	9,837.54	10,312.69	10,806.04
Equity Value (M)	11,168.30	11,685.08	12,221.19
Shares Outstanding (M)	1,532.41	1,532.41	1,532.41
Fair Value	$7.29	$7.63	$7.98
Upside / Downside	-21.72%	-18.10%	-14.34%

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Chongqing Fuling Electric Power Industrial Co., Ltd. (600452.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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