DDM Analysis: 600416.SS

Valuation Snapshot

Stable Growth	$1.01 - $1.37	$1.19
Multi-Stage	$2.07 - $2.29	$2.18
Blended Fair Value	$1.69
Current Price	$16.24
Upside	-89.61%
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	-29.52%	-18.35%	0.04	0.04	0.11	0.12	0.19	0.24	0.02	0.22	0.29	0.29
YoY Growth	-	-	-3.73%	-59.12%	-9.32%	-39.23%	-19.78%	1,043.03%	-90.61%	-22.11%	-1.94%	-7.65%
Dividend Yield	-	-	0.38%	0.32%	0.51%	0.83%	0.97%	2.90%	0.27%	2.00%	1.68%	2.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	281.73
(-) Cash Dividends Paid (M)	37.98
(=) Cash Retained (M)	243.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.35	35.22	21.13
Cash Retained (M)	243.74	243.74	243.74
(-) Cash Required (M)	-56.35	-35.22	-21.13
(=) Excess Retained (M)	187.40	208.53	222.61
(/) Shares Outstanding (M)	1,359.68	1,359.68	1,359.68
(=) Excess Retained per Share	0.14	0.15	0.16
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.14	0.15	0.16
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	8.41%	8.41%	8.41%
Growth Rate	-6.88%	-5.88%	-4.88%
Fair Value	$1.01	$1.19	$1.37
Upside / Downside	-93.78%	-92.65%	-91.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	281.73	265.18	249.60	234.93	221.13	208.14	214.38
Payout Ratio	13.48%	28.79%	44.09%	59.39%	74.70%	90.00%	92.50%
Projected Dividends (M)	37.98	76.33	110.05	139.53	165.18	187.32	198.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.41%	8.41%	8.41%
Growth Rate	-6.88%	-5.88%	-4.88%
Year 1 PV (M)	69.66	70.41	71.16
Year 2 PV (M)	91.65	93.63	95.63
Year 3 PV (M)	106.05	109.50	113.03
Year 4 PV (M)	114.57	119.57	124.73
Year 5 PV (M)	118.57	125.08	131.86
PV of Terminal Value (M)	2,318.59	2,445.79	2,578.50
Equity Value (M)	2,819.09	2,963.97	3,114.91
Shares Outstanding (M)	1,359.68	1,359.68	1,359.68
Fair Value	$2.07	$2.18	$2.29
Upside / Downside	-87.23%	-86.58%	-85.89%

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Xiangtan Electric Manufacturing Co. Ltd. (600416.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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