DDM Analysis: 600741.SS

Valuation Snapshot

Stable Growth	$23.45 - $37.59	$29.85
Multi-Stage	$29.86 - $32.78	$31.29
Blended Fair Value	$30.57
Current Price	$20.50
Upside	49.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.74%	8.81%	0.93	1.04	0.98	0.86	0.99	1.19	1.15	1.12	0.89	0.54
YoY Growth	-	-	-10.12%	5.55%	14.28%	-12.66%	-17.16%	3.78%	2.72%	24.74%	66.48%	33.99%
Dividend Yield	-	-	5.16%	5.88%	5.87%	4.31%	3.57%	5.52%	5.44%	4.60%	4.91%	3.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,904.97
(-) Cash Dividends Paid (M)	342.91
(=) Cash Retained (M)	6,562.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,380.99	863.12	517.87
Cash Retained (M)	6,562.06	6,562.06	6,562.06
(-) Cash Required (M)	-1,380.99	-863.12	-517.87
(=) Excess Retained (M)	5,181.07	5,698.94	6,044.19
(/) Shares Outstanding (M)	3,152.72	3,152.72	3,152.72
(=) Excess Retained per Share	1.64	1.81	1.92
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	1.64	1.81	1.92
(=) Adjusted Dividend	1.75	1.92	2.03
WACC / Discount Rate	8.80%	8.80%	8.80%
Growth Rate	1.23%	2.23%	3.23%
Fair Value	$23.45	$29.85	$37.59
Upside / Downside	14.39%	45.60%	83.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,904.97	7,059.09	7,216.66	7,377.74	7,542.41	7,710.76	7,942.09
Payout Ratio	4.97%	21.97%	38.98%	55.99%	72.99%	90.00%	92.50%
Projected Dividends (M)	342.91	1,551.09	2,813.03	4,130.53	5,505.45	6,939.69	7,346.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.80%	8.80%	8.80%
Growth Rate	1.23%	2.23%	3.23%
Year 1 PV (M)	1,411.74	1,425.69	1,439.63
Year 2 PV (M)	2,330.29	2,376.56	2,423.28
Year 3 PV (M)	3,114.30	3,207.50	3,302.55
Year 4 PV (M)	3,778.02	3,929.53	4,085.55
Year 5 PV (M)	4,334.41	4,552.76	4,779.83
PV of Terminal Value (M)	79,165.40	83,153.52	87,300.76
Equity Value (M)	94,134.16	98,645.55	103,331.60
Shares Outstanding (M)	3,152.72	3,152.72	3,152.72
Fair Value	$29.86	$31.29	$32.78
Upside / Downside	45.65%	52.63%	59.88%

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HUAYU Automotive Systems Company Limited (600741.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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