DDM Analysis: 688128.SS

Valuation Snapshot

Stable Growth	$94.98 - $258.95	$242.68
Multi-Stage	$36.48 - $39.92	$38.17
Blended Fair Value	$140.42
Current Price	$31.64
Upside	343.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.89%	0.00%	0.45	0.40	0.35	0.31	0.31	0.27	0.23	0.65	0.30	0.00
YoY Growth	-	-	12.24%	13.90%	15.23%	-0.17%	14.01%	18.13%	-65.04%	114.76%	0.00%	0.00%
Dividend Yield	-	-	2.03%	2.15%	1.69%	1.57%	2.01%	1.50%	0.85%	2.42%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	526.63
(-) Cash Dividends Paid (M)	202.65
(=) Cash Retained (M)	323.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	105.33	65.83	39.50
Cash Retained (M)	323.98	323.98	323.98
(-) Cash Required (M)	-105.33	-65.83	-39.50
(=) Excess Retained (M)	218.65	258.15	284.48
(/) Shares Outstanding (M)	404.44	404.44	404.44
(=) Excess Retained per Share	0.54	0.64	0.70
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.54	0.64	0.70
(=) Adjusted Dividend	1.04	1.14	1.20
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$94.98	$242.68	$258.95
Upside / Downside	200.17%	667.00%	718.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	526.63	560.86	597.31	636.14	677.49	721.52	743.17
Payout Ratio	38.48%	48.78%	59.09%	69.39%	79.70%	90.00%	92.50%
Projected Dividends (M)	202.65	273.61	352.94	441.43	539.93	649.37	687.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	254.12	256.53	258.94
Year 2 PV (M)	304.46	310.26	316.11
Year 3 PV (M)	353.67	363.82	374.17
Year 4 PV (M)	401.78	417.23	433.13
Year 5 PV (M)	448.80	470.48	492.99
PV of Terminal Value (M)	12,991.39	13,618.88	14,270.38
Equity Value (M)	14,754.23	15,437.21	16,145.72
Shares Outstanding (M)	404.44	404.44	404.44
Fair Value	$36.48	$38.17	$39.92
Upside / Downside	15.30%	20.64%	26.17%

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China National Electric Apparatus Research Institute Co., Ltd. (688128.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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