DDM Analysis: 600523.SS

Valuation Snapshot

Stable Growth	$2.39 - $3.28	$2.84
Multi-Stage	$4.06 - $4.46	$4.26
Blended Fair Value	$3.55
Current Price	$14.58
Upside	-75.65%
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	-4.05%	-4.79%	0.13	0.13	0.14	0.21	0.17	0.15	0.15	0.14	0.17	0.20
YoY Growth	-	-	-0.68%	-7.64%	-33.50%	19.84%	11.26%	2.36%	7.56%	-15.85%	-18.12%	-0.84%
Dividend Yield	-	-	1.00%	1.03%	0.93%	0.89%	1.16%	1.19%	1.22%	1.14%	1.05%	1.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	178.55
(-) Cash Dividends Paid (M)	64.63
(=) Cash Retained (M)	113.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.71	22.32	13.39
Cash Retained (M)	113.92	113.92	113.92
(-) Cash Required (M)	-35.71	-22.32	-13.39
(=) Excess Retained (M)	78.21	91.60	100.53
(/) Shares Outstanding (M)	394.34	394.34	394.34
(=) Excess Retained per Share	0.20	0.23	0.25
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.20	0.23	0.25
(=) Adjusted Dividend	0.36	0.40	0.42
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	-4.50%	-3.50%	-2.50%
Fair Value	$2.39	$2.84	$3.28
Upside / Downside	-83.58%	-80.50%	-77.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	178.55	172.30	166.26	160.43	154.81	149.38	153.87
Payout Ratio	36.20%	46.96%	57.72%	68.48%	79.24%	90.00%	92.50%
Projected Dividends (M)	64.63	80.91	95.96	109.86	122.67	134.45	142.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	-4.50%	-3.50%	-2.50%
Year 1 PV (M)	72.83	73.59	74.35
Year 2 PV (M)	77.75	79.39	81.04
Year 3 PV (M)	80.12	82.67	85.26
Year 4 PV (M)	80.53	83.95	87.49
Year 5 PV (M)	79.44	83.69	88.12
PV of Terminal Value (M)	1,210.95	1,275.70	1,343.18
Equity Value (M)	1,601.62	1,678.98	1,759.44
Shares Outstanding (M)	394.34	394.34	394.34
Fair Value	$4.06	$4.26	$4.46
Upside / Downside	-72.14%	-70.80%	-69.40%

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Guizhou Guihang Automotive Components Co.,Ltd (600523.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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