DDM Analysis: 603530.SS

Valuation Snapshot

Stable Growth	$147.90 - $174.26	$163.30
Multi-Stage	$101.99 - $111.90	$106.85
Blended Fair Value	$135.08
Current Price	$32.98
Upside	309.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	523.75%	0.00%	0.26	0.05	0.11	0.12	0.21	0.00	0.01	0.04	0.01	0.00
YoY Growth	-	-	417.01%	-51.71%	-13.97%	-40.91%	743,791.36%	-99.64%	-80.23%	450.00%	0.00%	0.00%
Dividend Yield	-	-	0.93%	0.27%	0.70%	0.94%	1.11%	0.00%	0.09%	0.45%	0.08%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	372.15
(-) Cash Dividends Paid (M)	201.27
(=) Cash Retained (M)	170.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	74.43	46.52	27.91
Cash Retained (M)	170.88	170.88	170.88
(-) Cash Required (M)	-74.43	-46.52	-27.91
(=) Excess Retained (M)	96.45	124.36	142.97
(/) Shares Outstanding (M)	424.73	424.73	424.73
(=) Excess Retained per Share	0.23	0.29	0.34
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.23	0.29	0.34
(=) Adjusted Dividend	0.70	0.77	0.81
WACC / Discount Rate	2.11%	2.11%	2.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$147.90	$163.30	$174.26
Upside / Downside	348.47%	395.16%	428.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	372.15	396.34	422.11	449.54	478.76	509.88	525.18
Payout Ratio	54.08%	61.27%	68.45%	75.63%	82.82%	90.00%	92.50%
Projected Dividends (M)	201.27	242.83	288.93	340.00	396.50	458.90	485.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.11%	2.11%	2.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	235.58	237.82	240.05
Year 2 PV (M)	271.95	277.13	282.36
Year 3 PV (M)	310.48	319.39	328.47
Year 4 PV (M)	351.27	364.77	378.67
Year 5 PV (M)	394.42	413.47	433.25
PV of Terminal Value (M)	41,753.80	43,770.53	45,864.44
Equity Value (M)	43,317.50	45,383.11	47,527.24
Shares Outstanding (M)	424.73	424.73	424.73
Fair Value	$101.99	$106.85	$111.90
Upside / Downside	209.24%	223.99%	239.29%

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Jiangsu Shemar Electric Co.,Ltd (603530.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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