DDM Analysis: 603100.SS

Valuation Snapshot

Stable Growth	$115.03 - $281.73	$264.02
Multi-Stage	$41.19 - $45.07	$43.09
Blended Fair Value	$153.56
Current Price	$23.93
Upside	541.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.47%	21.26%	0.63	0.52	0.52	0.28	0.22	0.25	0.20	0.15	0.10	0.10
YoY Growth	-	-	21.95%	0.15%	82.34%	28.00%	-11.00%	24.11%	29.59%	57.33%	0.00%	7.12%
Dividend Yield	-	-	2.95%	2.31%	1.79%	2.57%	1.94%	3.77%	2.34%	1.94%	0.91%	0.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	681.64
(-) Cash Dividends Paid (M)	291.56
(=) Cash Retained (M)	390.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	136.33	85.21	51.12
Cash Retained (M)	390.09	390.09	390.09
(-) Cash Required (M)	-136.33	-85.21	-51.12
(=) Excess Retained (M)	253.76	304.88	338.96
(/) Shares Outstanding (M)	481.18	481.18	481.18
(=) Excess Retained per Share	0.53	0.63	0.70
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	0.53	0.63	0.70
(=) Adjusted Dividend	1.13	1.24	1.31
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$115.03	$264.02	$281.73
Upside / Downside	380.70%	1,003.29%	1,077.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	681.64	725.95	773.14	823.39	876.91	933.91	961.93
Payout Ratio	42.77%	52.22%	61.66%	71.11%	80.55%	90.00%	92.50%
Projected Dividends (M)	291.56	379.08	476.74	585.51	706.39	840.52	889.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	352.47	355.81	359.15
Year 2 PV (M)	412.16	420.01	427.94
Year 3 PV (M)	470.66	484.17	497.94
Year 4 PV (M)	527.98	548.28	569.17
Year 5 PV (M)	584.13	612.35	641.64
PV of Terminal Value (M)	17,471.17	18,315.04	19,191.20
Equity Value (M)	19,818.58	20,735.66	21,687.04
Shares Outstanding (M)	481.18	481.18	481.18
Fair Value	$41.19	$43.09	$45.07
Upside / Downside	72.11%	80.08%	88.34%

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Chongqing Chuanyi Automation Co., Ltd. (603100.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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