DDM Analysis: 603221.SS

Valuation Snapshot

Stable Growth	$5.53 - $13.24	$8.18
Multi-Stage	$14.01 - $15.42	$14.70
Blended Fair Value	$11.44
Current Price	$12.52
Upside	-8.62%
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	46.52%	0.00%	0.14	0.03	0.04	0.11	0.18	0.02	0.91	0.35	0.30	1.03
YoY Growth	-	-	430.98%	-42.76%	-57.28%	-42.63%	806.67%	-97.76%	161.32%	15.79%	-71.01%	0.00%
Dividend Yield	-	-	1.48%	0.22%	0.57%	1.15%	1.56%	0.12%	4.87%	1.86%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.94
(-) Cash Dividends Paid (M)	51.82
(=) Cash Retained (M)	14.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.19	8.24	4.95
Cash Retained (M)	14.12	14.12	14.12
(-) Cash Required (M)	-13.19	-8.24	-4.95
(=) Excess Retained (M)	0.93	5.88	9.17
(/) Shares Outstanding (M)	243.98	243.98	243.98
(=) Excess Retained per Share	0.00	0.02	0.04
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.00	0.02	0.04
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	4.64%	4.64%	4.64%
Growth Rate	0.70%	1.70%	2.70%
Fair Value	$5.53	$8.18	$13.24
Upside / Downside	-55.86%	-34.65%	5.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.94	67.06	68.20	69.36	70.53	71.73	73.88
Payout Ratio	78.59%	80.87%	83.15%	85.44%	87.72%	90.00%	92.50%
Projected Dividends (M)	51.82	54.23	56.71	59.25	61.87	64.56	68.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.64%	4.64%	4.64%
Growth Rate	0.70%	1.70%	2.70%
Year 1 PV (M)	51.32	51.83	52.34
Year 2 PV (M)	50.78	51.79	52.82
Year 3 PV (M)	50.21	51.72	53.26
Year 4 PV (M)	49.61	51.61	53.67
Year 5 PV (M)	48.99	51.47	54.05
PV of Terminal Value (M)	3,167.60	3,328.04	3,494.92
Equity Value (M)	3,418.51	3,586.46	3,761.05
Shares Outstanding (M)	243.98	243.98	243.98
Fair Value	$14.01	$14.70	$15.42
Upside / Downside	11.91%	17.41%	23.13%

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Elegant Home-Tech Co., Ltd. (603221.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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