DDM Analysis: 605555.SS

Valuation Snapshot

Stable Growth	$15.20 - $41.64	$23.48
Multi-Stage	$56.64 - $62.57	$59.55
Blended Fair Value	$41.51
Current Price	$17.03
Upside	143.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-21.28%	0.00%	0.34	0.33	0.17	0.02	0.12	1.12	0.07	0.05	0.00	0.00
YoY Growth	-	-	1.38%	100.00%	789.04%	-84.36%	-89.28%	1,562.93%	27.14%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.82%	2.25%	1.39%	0.17%	0.73%	6.80%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	271.22
(-) Cash Dividends Paid (M)	133.22
(=) Cash Retained (M)	138.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.24	33.90	20.34
Cash Retained (M)	138.00	138.00	138.00
(-) Cash Required (M)	-54.24	-33.90	-20.34
(=) Excess Retained (M)	83.75	104.10	117.66
(/) Shares Outstanding (M)	398.31	398.31	398.31
(=) Excess Retained per Share	0.21	0.26	0.30
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.21	0.26	0.30
(=) Adjusted Dividend	0.54	0.60	0.63
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$15.20	$23.48	$41.64
Upside / Downside	-10.76%	37.85%	144.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	271.22	268.50	265.82	263.16	260.53	257.92	265.66
Payout Ratio	49.12%	57.30%	65.47%	73.65%	81.82%	90.00%	92.50%
Projected Dividends (M)	133.22	153.84	174.04	193.81	213.17	232.13	245.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	150.02	151.55	153.08
Year 2 PV (M)	165.49	168.89	172.32
Year 3 PV (M)	179.72	185.28	190.95
Year 4 PV (M)	192.76	200.75	208.99
Year 5 PV (M)	204.69	215.35	226.44
PV of Terminal Value (M)	21,668.42	22,796.74	23,971.59
Equity Value (M)	22,561.10	23,718.55	24,923.36
Shares Outstanding (M)	398.31	398.31	398.31
Fair Value	$56.64	$59.55	$62.57
Upside / Downside	232.60%	249.67%	267.43%

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Ningbo Dechang Electrical Machinery Made Co., Ltd. (605555.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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