DDM Analysis: 688017.SS

Valuation Snapshot

Stable Growth	$8.84 - $17.78	$12.31
Multi-Stage	$6.95 - $7.58	$7.26
Blended Fair Value	$9.78
Current Price	$180.78
Upside	-94.59%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	60.00%	0.00%	0.35	0.15	0.45	0.17	0.00	0.03	0.18	0.02	0.00	0.00
YoY Growth	-	-	134.86%	-66.60%	162.45%	0.00%	-100.00%	-81.77%	756.78%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.24%	0.12%	0.41%	0.23%	0.00%	0.08%	0.44%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	91.00
(-) Cash Dividends Paid (M)	22.86
(=) Cash Retained (M)	68.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.20	11.38	6.83
Cash Retained (M)	68.15	68.15	68.15
(-) Cash Required (M)	-18.20	-11.38	-6.83
(=) Excess Retained (M)	49.95	56.77	61.32
(/) Shares Outstanding (M)	179.25	179.25	179.25
(=) Excess Retained per Share	0.28	0.32	0.34
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.28	0.32	0.34
(=) Adjusted Dividend	0.41	0.44	0.47
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.13%	6.13%	7.13%
Fair Value	$8.84	$12.31	$17.78
Upside / Downside	-95.11%	-93.19%	-90.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.00	96.59	102.51	108.80	115.47	122.56	126.23
Payout Ratio	25.12%	38.09%	51.07%	64.05%	77.02%	90.00%	92.50%
Projected Dividends (M)	22.86	36.79	52.35	69.68	88.94	110.30	116.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.13%	6.13%	7.13%
Year 1 PV (M)	33.14	33.46	33.77
Year 2 PV (M)	42.48	43.29	44.11
Year 3 PV (M)	50.94	52.40	53.90
Year 4 PV (M)	58.57	60.83	63.15
Year 5 PV (M)	65.43	68.60	71.89
PV of Terminal Value (M)	994.44	1,042.64	1,092.70
Equity Value (M)	1,244.99	1,301.22	1,359.52
Shares Outstanding (M)	179.25	179.25	179.25
Fair Value	$6.95	$7.26	$7.58
Upside / Downside	-96.16%	-95.98%	-95.80%

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Leader Harmonious Drive Systems Co., Ltd. (688017.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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