DDM Analysis: 603701.SS

Valuation Snapshot

Stable Growth	$1.14 - $1.63	$1.38
Multi-Stage	$1.79 - $1.95	$1.87
Blended Fair Value	$1.63
Current Price	$20.00
Upside	-91.87%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-36.47%	-12.89%	0.03	0.01	0.05	0.05	0.16	0.28	0.10	0.15	0.09	0.11
YoY Growth	-	-	131.96%	-75.50%	5.59%	-69.38%	-43.71%	195.04%	-36.72%	75.20%	-20.57%	-6.39%
Dividend Yield	-	-	0.19%	0.11%	0.32%	0.52%	1.93%	3.46%	1.26%	1.85%	0.55%	1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.48
(-) Cash Dividends Paid (M)	25.52
(=) Cash Retained (M)	16.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.50	5.31	3.19
Cash Retained (M)	16.96	16.96	16.96
(-) Cash Required (M)	-8.50	-5.31	-3.19
(=) Excess Retained (M)	8.46	11.65	13.77
(/) Shares Outstanding (M)	255.00	255.00	255.00
(=) Excess Retained per Share	0.03	0.05	0.05
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.03	0.05	0.05
(=) Adjusted Dividend	0.13	0.15	0.15
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-1.58%	-0.58%	0.42%
Fair Value	$1.14	$1.38	$1.63
Upside / Downside	-94.29%	-93.09%	-91.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.48	42.24	41.99	41.75	41.51	41.26	42.50
Payout Ratio	60.08%	66.07%	72.05%	78.03%	84.02%	90.00%	92.50%
Projected Dividends (M)	25.52	27.90	30.25	32.58	34.87	37.14	39.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-1.58%	-0.58%	0.42%
Year 1 PV (M)	25.13	25.39	25.64
Year 2 PV (M)	24.54	25.04	25.55
Year 3 PV (M)	23.80	24.53	25.28
Year 4 PV (M)	22.95	23.89	24.87
Year 5 PV (M)	22.01	23.15	24.34
PV of Terminal Value (M)	337.12	354.60	372.80
Equity Value (M)	455.56	476.61	498.48
Shares Outstanding (M)	255.00	255.00	255.00
Fair Value	$1.79	$1.87	$1.95
Upside / Downside	-91.07%	-90.65%	-90.23%

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Zhejiang Dehong Automotive Electronic & Electrical Co., Ltd. (603701.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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