DDM Analysis: 600278.SS

Valuation Snapshot

Stable Growth	$1.93 - $2.83	$2.36
Multi-Stage	$1.62 - $1.76	$1.69
Blended Fair Value	$2.02
Current Price	$7.42
Upside	-72.73%
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	5.55%	12.77%	0.22	0.16	0.17	0.15	0.20	0.17	0.10	0.07	0.08	0.07
YoY Growth	-	-	38.27%	-8.21%	19.04%	-26.30%	17.65%	72.39%	41.32%	-9.18%	2.14%	12.36%
Dividend Yield	-	-	3.41%	2.57%	2.39%	1.81%	2.37%	1.83%	0.58%	0.69%	0.53%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	208.38
(-) Cash Dividends Paid (M)	35.94
(=) Cash Retained (M)	172.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.68	26.05	15.63
Cash Retained (M)	172.44	172.44	172.44
(-) Cash Required (M)	-41.68	-26.05	-15.63
(=) Excess Retained (M)	130.76	146.39	156.81
(/) Shares Outstanding (M)	899.70	899.70	899.70
(=) Excess Retained per Share	0.15	0.16	0.17
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.15	0.16	0.17
(=) Adjusted Dividend	0.19	0.20	0.21
WACC / Discount Rate	15.65%	15.65%	15.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1.93	$2.36	$2.83
Upside / Downside	-74.05%	-68.21%	-61.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	208.38	221.93	236.35	251.71	268.08	285.50	294.06
Payout Ratio	17.25%	31.80%	46.35%	60.90%	75.45%	90.00%	92.50%
Projected Dividends (M)	35.94	70.57	109.55	153.29	202.26	256.95	272.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	15.65%	15.65%	15.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	60.45	61.02	61.59
Year 2 PV (M)	80.37	81.90	83.45
Year 3 PV (M)	96.33	99.10	101.92
Year 4 PV (M)	108.88	113.06	117.37
Year 5 PV (M)	118.47	124.20	130.14
PV of Terminal Value (M)	991.40	1,039.29	1,089.00
Equity Value (M)	1,455.90	1,518.57	1,583.47
Shares Outstanding (M)	899.70	899.70	899.70
Fair Value	$1.62	$1.69	$1.76
Upside / Downside	-78.19%	-77.25%	-76.28%

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Orient International Enterprise, Ltd. (600278.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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