DDM Analysis: 688121.SS

Valuation Snapshot

Stable Growth	$44.74 - $109.60	$102.71
Multi-Stage	$16.35 - $17.88	$17.10
Blended Fair Value	$59.91
Current Price	$12.89
Upside	364.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	78.33%	0.00%	0.49	0.61	0.23	0.12	0.03	0.03	0.03	0.04	0.00	0.00
YoY Growth	-	-	-20.21%	163.62%	96.06%	329.29%	1.87%	-17.62%	-15.50%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.34%	3.27%	0.83%	0.49%	0.07%	0.07%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	120.20
(-) Cash Dividends Paid (M)	88.24
(=) Cash Retained (M)	31.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.04	15.03	9.02
Cash Retained (M)	31.96	31.96	31.96
(-) Cash Required (M)	-24.04	-15.03	-9.02
(=) Excess Retained (M)	7.92	16.94	22.95
(/) Shares Outstanding (M)	218.11	218.11	218.11
(=) Excess Retained per Share	0.04	0.08	0.11
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.04	0.08	0.11
(=) Adjusted Dividend	0.44	0.48	0.51
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$44.74	$102.71	$109.60
Upside / Downside	247.11%	696.84%	750.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	120.20	128.02	136.34	145.20	154.64	164.69	169.63
Payout Ratio	73.41%	76.73%	80.05%	83.36%	86.68%	90.00%	92.50%
Projected Dividends (M)	88.24	98.23	109.13	121.05	134.04	148.22	156.91

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)	91.33	92.20	93.06
Year 2 PV (M)	94.35	96.15	97.96
Year 3 PV (M)	97.30	100.10	102.94
Year 4 PV (M)	100.19	104.04	108.00
Year 5 PV (M)	103.01	107.98	113.15
PV of Terminal Value (M)	3,080.75	3,229.55	3,384.04
Equity Value (M)	3,566.93	3,730.01	3,899.16
Shares Outstanding (M)	218.11	218.11	218.11
Fair Value	$16.35	$17.10	$17.88
Upside / Downside	26.87%	32.67%	38.69%

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Shanghai Supezet Engineering Technology Corp., Ltd. (688121.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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