DDM Analysis: 600218.SS

Valuation Snapshot

Stable Growth	$2.13 - $3.34	$2.68
Multi-Stage	$2.51 - $2.75	$2.63
Blended Fair Value	$2.65
Current Price	$9.23
Upside	-71.24%
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	114.09%	7.65%	0.07	0.08	0.11	0.09	0.07	0.00	0.05	0.07	0.07	0.10
YoY Growth	-	-	-13.12%	-23.96%	18.46%	33.63%	4,200.29%	-96.51%	-38.33%	0.37%	-27.61%	197.20%
Dividend Yield	-	-	0.83%	0.99%	1.20%	0.90%	0.76%	0.02%	0.39%	1.13%	0.71%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90.50
(-) Cash Dividends Paid (M)	26.18
(=) Cash Retained (M)	64.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.10	11.31	6.79
Cash Retained (M)	64.32	64.32	64.32
(-) Cash Required (M)	-18.10	-11.31	-6.79
(=) Excess Retained (M)	46.22	53.01	57.53
(/) Shares Outstanding (M)	430.93	430.93	430.93
(=) Excess Retained per Share	0.11	0.12	0.13
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.11	0.12	0.13
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	1.89%	2.89%	3.89%
Fair Value	$2.13	$2.68	$3.34
Upside / Downside	-76.95%	-70.93%	-63.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90.50	93.11	95.80	98.56	101.40	104.33	107.46
Payout Ratio	28.92%	41.14%	53.35%	65.57%	77.78%	90.00%	92.50%
Projected Dividends (M)	26.18	38.30	51.11	64.63	78.88	93.90	99.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	1.89%	2.89%	3.89%
Year 1 PV (M)	34.51	34.84	35.18
Year 2 PV (M)	41.48	42.29	43.12
Year 3 PV (M)	47.24	48.65	50.08
Year 4 PV (M)	51.94	54.01	56.14
Year 5 PV (M)	55.70	58.49	61.38
PV of Terminal Value (M)	850.79	893.37	937.64
Equity Value (M)	1,081.66	1,131.65	1,183.55
Shares Outstanding (M)	430.93	430.93	430.93
Fair Value	$2.51	$2.63	$2.75
Upside / Downside	-72.81%	-71.55%	-70.24%

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Anhui Quanchai Engine Co., Ltd. (600218.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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