DDM Analysis: 603699.SS

Valuation Snapshot

Stable Growth	$154.34 - $377.99	$354.24
Multi-Stage	$56.72 - $61.99	$59.31
Blended Fair Value	$206.77
Current Price	$44.81
Upside	361.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.35%	9.92%	0.94	0.40	0.26	0.48	0.41	0.66	0.16	0.18	0.26	0.42
YoY Growth	-	-	135.81%	52.67%	-45.53%	15.07%	-36.81%	314.76%	-10.28%	-31.63%	-38.04%	14.56%
Dividend Yield	-	-	3.36%	2.32%	2.10%	5.47%	3.18%	5.19%	1.25%	0.91%	1.54%	2.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,441.52
(-) Cash Dividends Paid (M)	1,180.88
(=) Cash Retained (M)	260.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	288.30	180.19	108.11
Cash Retained (M)	260.64	260.64	260.64
(-) Cash Required (M)	-288.30	-180.19	-108.11
(=) Excess Retained (M)	-27.66	80.45	152.53
(/) Shares Outstanding (M)	758.43	758.43	758.43
(=) Excess Retained per Share	-0.04	0.11	0.20
LTM Dividend per Share	1.56	1.56	1.56
(+) Excess Retained per Share	-0.04	0.11	0.20
(=) Adjusted Dividend	1.52	1.66	1.76
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$154.34	$354.24	$377.99
Upside / Downside	244.43%	690.53%	743.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,441.52	1,535.22	1,635.01	1,741.28	1,854.47	1,975.01	2,034.26
Payout Ratio	81.92%	83.54%	85.15%	86.77%	88.38%	90.00%	92.50%
Projected Dividends (M)	1,180.88	1,282.45	1,392.23	1,510.87	1,639.05	1,777.50	1,881.69

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)	1,192.43	1,203.73	1,215.03
Year 2 PV (M)	1,203.64	1,226.57	1,249.71
Year 3 PV (M)	1,214.52	1,249.39	1,284.91
Year 4 PV (M)	1,225.07	1,272.19	1,320.65
Year 5 PV (M)	1,235.31	1,294.97	1,356.92
PV of Terminal Value (M)	36,947.52	38,732.10	40,584.98
Equity Value (M)	43,018.49	44,978.94	47,012.20
Shares Outstanding (M)	758.43	758.43	758.43
Fair Value	$56.72	$59.31	$61.99
Upside / Downside	26.58%	32.35%	38.33%

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Neway Valve (Suzhou) Co., Ltd. (603699.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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