DDM Analysis: 600660.SS

Valuation Snapshot

Stable Growth	$283.27 - $692.58	$649.05
Multi-Stage	$102.03 - $111.60	$106.73
Blended Fair Value	$377.89
Current Price	$73.41
Upside	414.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.96%	11.53%	1.42	1.38	1.11	0.87	0.85	0.89	1.27	0.81	0.78	0.66
YoY Growth	-	-	3.25%	23.70%	27.65%	2.64%	-3.93%	-30.06%	56.48%	3.72%	18.70%	37.47%
Dividend Yield	-	-	2.43%	3.08%	3.21%	2.45%	1.85%	4.62%	5.12%	3.27%	3.45%	4.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,083.05
(-) Cash Dividends Paid (M)	4,845.10
(=) Cash Retained (M)	4,237.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,816.61	1,135.38	681.23
Cash Retained (M)	4,237.95	4,237.95	4,237.95
(-) Cash Required (M)	-1,816.61	-1,135.38	-681.23
(=) Excess Retained (M)	2,421.34	3,102.57	3,556.72
(/) Shares Outstanding (M)	2,608.21	2,608.21	2,608.21
(=) Excess Retained per Share	0.93	1.19	1.36
LTM Dividend per Share	1.86	1.86	1.86
(+) Excess Retained per Share	0.93	1.19	1.36
(=) Adjusted Dividend	2.79	3.05	3.22
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$283.27	$649.05	$692.58
Upside / Downside	285.87%	784.14%	843.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,083.05	9,673.44	10,302.22	10,971.86	11,685.03	12,444.56	12,817.90
Payout Ratio	53.34%	60.67%	68.01%	75.34%	82.67%	90.00%	92.50%
Projected Dividends (M)	4,845.10	5,869.24	7,006.06	8,265.86	9,659.83	11,200.10	11,856.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,457.35	5,509.08	5,560.81
Year 2 PV (M)	6,057.22	6,172.60	6,289.06
Year 3 PV (M)	6,644.89	6,835.64	7,030.01
Year 4 PV (M)	7,220.53	7,498.22	7,783.83
Year 5 PV (M)	7,784.34	8,160.32	8,550.70
PV of Terminal Value (M)	232,942.29	244,193.49	255,875.30
Equity Value (M)	266,106.63	278,369.35	291,089.71
Shares Outstanding (M)	2,608.21	2,608.21	2,608.21
Fair Value	$102.03	$106.73	$111.60
Upside / Downside	38.98%	45.39%	52.03%

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Fuyao Glass Industry Group Co., Ltd. (600660.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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