DDM Analysis: 603357.SS

Valuation Snapshot

Stable Growth	$18.06 - $45.12	$27.10
Multi-Stage	$12.26 - $13.41	$12.82
Blended Fair Value	$19.96
Current Price	$8.38
Upside	138.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.27%	-9.44%	0.38	0.46	0.40	0.21	0.18	0.24	0.16	0.13	0.07	0.14
YoY Growth	-	-	-17.93%	16.89%	90.26%	13.64%	-24.88%	51.85%	20.02%	99.35%	-50.75%	-86.69%
Dividend Yield	-	-	3.88%	4.58%	4.22%	2.56%	2.35%	2.92%	1.26%	1.11%	0.75%	1.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	440.35
(-) Cash Dividends Paid (M)	11.04
(=) Cash Retained (M)	429.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	88.07	55.04	33.03
Cash Retained (M)	429.31	429.31	429.31
(-) Cash Required (M)	-88.07	-55.04	-33.03
(=) Excess Retained (M)	341.24	374.26	396.28
(/) Shares Outstanding (M)	543.58	543.58	543.58
(=) Excess Retained per Share	0.63	0.69	0.73
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.63	0.69	0.73
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	9.29%	9.29%	9.29%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.06	$27.10	$45.12
Upside / Downside	115.54%	223.42%	438.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	440.35	468.97	499.46	531.92	566.50	603.32	621.42
Payout Ratio	2.51%	20.01%	37.50%	55.00%	72.50%	90.00%	92.50%
Projected Dividends (M)	11.04	93.82	187.32	292.57	410.72	542.99	574.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.29%	9.29%	9.29%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	85.05	85.85	86.66
Year 2 PV (M)	153.91	156.84	159.80
Year 3 PV (M)	217.90	224.16	230.53
Year 4 PV (M)	277.27	287.94	298.90
Year 5 PV (M)	332.27	348.32	364.98
PV of Terminal Value (M)	5,596.31	5,866.61	6,147.26
Equity Value (M)	6,662.71	6,969.72	7,288.14
Shares Outstanding (M)	543.58	543.58	543.58
Fair Value	$12.26	$12.82	$13.41
Upside / Downside	46.27%	53.00%	60.00%

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Anhui Transport Consulting & Design Institute Co.,Ltd. (603357.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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