DDM Analysis: 603766.SS

Valuation Snapshot

Stable Growth	$29.98 - $171.58	$56.27
Multi-Stage	$17.78 - $19.43	$18.59
Blended Fair Value	$37.43
Current Price	$12.02
Upside	211.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.69%	2.67%	0.10	0.08	0.07	0.09	0.12	0.02	0.42	0.21	0.08	0.09
YoY Growth	-	-	22.88%	24.51%	-26.32%	-21.70%	460.70%	-94.99%	98.84%	157.38%	-7.94%	11.39%
Dividend Yield	-	-	0.90%	1.28%	1.31%	2.11%	3.61%	0.63%	7.80%	3.12%	1.45%	1.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,799.38
(-) Cash Dividends Paid (M)	825.46
(=) Cash Retained (M)	973.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	359.88	224.92	134.95
Cash Retained (M)	973.92	973.92	973.92
(-) Cash Required (M)	-359.88	-224.92	-134.95
(=) Excess Retained (M)	614.04	749.00	838.97
(/) Shares Outstanding (M)	2,085.69	2,085.69	2,085.69
(=) Excess Retained per Share	0.29	0.36	0.40
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.29	0.36	0.40
(=) Adjusted Dividend	0.69	0.75	0.80
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$29.98	$56.27	$171.58
Upside / Downside	149.41%	368.10%	1,327.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,799.38	1,916.34	2,040.91	2,173.56	2,314.85	2,465.31	2,539.27
Payout Ratio	45.87%	54.70%	63.52%	72.35%	81.17%	90.00%	92.50%
Projected Dividends (M)	825.46	1,048.24	1,296.48	1,572.57	1,879.08	2,218.78	2,348.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	962.11	971.23	980.35
Year 2 PV (M)	1,092.19	1,112.99	1,133.99
Year 3 PV (M)	1,215.92	1,250.83	1,286.40
Year 4 PV (M)	1,333.54	1,384.82	1,437.57
Year 5 PV (M)	1,445.24	1,515.05	1,587.52
PV of Terminal Value (M)	31,040.58	32,539.85	34,096.50
Equity Value (M)	37,089.58	38,774.77	40,522.33
Shares Outstanding (M)	2,085.69	2,085.69	2,085.69
Fair Value	$17.78	$18.59	$19.43
Upside / Downside	47.94%	54.67%	61.64%

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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Loncin Motor Co., Ltd. (603766.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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