DDM Analysis: 601208.SS

Valuation Snapshot

Stable Growth	$35.29 - $41.58	$38.97
Multi-Stage	$49.18 - $53.98	$51.54
Blended Fair Value	$45.25
Current Price	$20.24
Upside	123.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	53.73%	11.82%	0.21	0.16	0.14	0.10	0.02	0.02	0.04	0.07	0.05	0.08
YoY Growth	-	-	31.28%	12.75%	45.89%	308.34%	-2.62%	-45.54%	-39.25%	45.63%	-40.30%	23.75%
Dividend Yield	-	-	2.14%	1.76%	1.06%	0.80%	0.22%	0.61%	1.07%	1.67%	0.85%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	227.78
(-) Cash Dividends Paid (M)	155.53
(=) Cash Retained (M)	72.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.56	28.47	17.08
Cash Retained (M)	72.25	72.25	72.25
(-) Cash Required (M)	-45.56	-28.47	-17.08
(=) Excess Retained (M)	26.69	43.77	55.16
(/) Shares Outstanding (M)	1,089.43	1,089.43	1,089.43
(=) Excess Retained per Share	0.02	0.04	0.05
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.02	0.04	0.05
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	-11.40%	-11.40%	-11.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.29	$38.97	$41.58
Upside / Downside	74.37%	92.53%	105.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	227.78	242.58	258.35	275.15	293.03	312.08	321.44
Payout Ratio	68.28%	72.63%	76.97%	81.31%	85.66%	90.00%	92.50%
Projected Dividends (M)	155.53	176.18	198.85	223.73	251.00	280.87	297.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-11.40%	-11.40%	-11.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	196.97	198.84	200.71
Year 2 PV (M)	248.57	253.30	258.08
Year 3 PV (M)	312.67	321.65	330.79
Year 4 PV (M)	392.18	407.27	422.78
Year 5 PV (M)	490.66	514.35	538.96
PV of Terminal Value (M)	51,941.29	54,450.08	57,054.88
Equity Value (M)	53,582.34	56,145.48	58,806.20
Shares Outstanding (M)	1,089.43	1,089.43	1,089.43
Fair Value	$49.18	$51.54	$53.98
Upside / Downside	143.00%	154.63%	166.69%

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Sichuan Em Technology Co., Ltd. (601208.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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