DDM Analysis: 600577.SS

Valuation Snapshot

Stable Growth	$13.95 - $56.10	$37.17
Multi-Stage	$6.80 - $7.44	$7.11
Blended Fair Value	$22.14
Current Price	$10.40
Upside	112.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.32%	16.84%	0.23	0.17	0.09	0.09	0.14	0.06	0.10	0.15	0.07	0.08
YoY Growth	-	-	33.44%	91.83%	1.06%	-36.81%	129.97%	-37.22%	-33.10%	101.59%	-4.06%	55.34%
Dividend Yield	-	-	3.24%	3.41%	2.14%	1.73%	3.90%	2.28%	2.68%	3.41%	1.19%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	596.74
(-) Cash Dividends Paid (M)	204.17
(=) Cash Retained (M)	392.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.35	74.59	44.76
Cash Retained (M)	392.57	392.57	392.57
(-) Cash Required (M)	-119.35	-74.59	-44.76
(=) Excess Retained (M)	273.22	317.98	347.82
(/) Shares Outstanding (M)	2,115.32	2,115.32	2,115.32
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.95	$37.17	$56.10
Upside / Downside	34.10%	257.44%	439.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	596.74	635.53	676.83	720.83	767.68	817.58	842.11
Payout Ratio	34.21%	45.37%	56.53%	67.69%	78.84%	90.00%	92.50%
Projected Dividends (M)	204.17	288.34	382.60	487.90	605.26	735.82	778.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	266.43	268.96	271.48
Year 2 PV (M)	326.67	332.89	339.17
Year 3 PV (M)	384.91	395.96	407.22
Year 4 PV (M)	441.22	458.19	475.65
Year 5 PV (M)	495.64	519.58	544.44
PV of Terminal Value (M)	12,471.39	13,073.76	13,699.19
Equity Value (M)	14,386.27	15,049.35	15,737.15
Shares Outstanding (M)	2,115.32	2,115.32	2,115.32
Fair Value	$6.80	$7.11	$7.44
Upside / Downside	-34.61%	-31.59%	-28.47%

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Tongling Jingda Special Magnet Wire Co., Ltd. (600577.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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