DDM Analysis: 603203.SS

Valuation Snapshot

Stable Growth	$81.16 - $198.81	$186.31
Multi-Stage	$29.23 - $31.98	$30.58
Blended Fair Value	$108.45
Current Price	$32.73
Upside	231.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.92%	17.30%	0.60	1.01	1.00	0.51	0.13	0.19	0.16	0.17	0.33	0.24
YoY Growth	-	-	-40.09%	0.56%	97.96%	281.38%	-30.41%	17.71%	-2.93%	-50.00%	41.18%	93.18%
Dividend Yield	-	-	2.40%	4.97%	2.92%	2.23%	0.82%	1.17%	0.99%	0.89%	1.57%	2.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	247.75
(-) Cash Dividends Paid (M)	127.68
(=) Cash Retained (M)	120.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.55	30.97	18.58
Cash Retained (M)	120.07	120.07	120.07
(-) Cash Required (M)	-49.55	-30.97	-18.58
(=) Excess Retained (M)	70.52	89.10	101.49
(/) Shares Outstanding (M)	247.83	247.83	247.83
(=) Excess Retained per Share	0.28	0.36	0.41
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.28	0.36	0.41
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81.16	$186.31	$198.81
Upside / Downside	147.96%	469.25%	507.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	247.75	263.86	281.01	299.27	318.73	339.44	349.63
Payout Ratio	51.54%	59.23%	66.92%	74.61%	82.31%	90.00%	92.50%
Projected Dividends (M)	127.68	156.28	188.05	223.30	262.33	305.50	323.40

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)	145.31	146.69	148.06
Year 2 PV (M)	162.58	165.68	168.80
Year 3 PV (M)	179.50	184.65	189.90
Year 4 PV (M)	196.07	203.62	211.37
Year 5 PV (M)	212.31	222.56	233.21
PV of Terminal Value (M)	6,349.66	6,656.35	6,974.78
Equity Value (M)	7,245.43	7,579.54	7,926.13
Shares Outstanding (M)	247.83	247.83	247.83
Fair Value	$29.23	$30.58	$31.98
Upside / Downside	-10.68%	-6.56%	-2.29%

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Quick Intelligent Equipment Co., Ltd. (603203.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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