DDM Analysis: 600312.SS

Valuation Snapshot

Stable Growth	$15.95 - $33.94	$22.67
Multi-Stage	$11.88 - $12.97	$12.41
Blended Fair Value	$17.54
Current Price	$16.78
Upside	4.53%
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	17.12%	16.88%	0.35	0.07	0.04	0.06	0.11	0.16	0.23	0.68	0.48	0.48
YoY Growth	-	-	425.76%	81.88%	-41.13%	-45.24%	-28.51%	-30.38%	-66.11%	40.81%	1.46%	540.22%
Dividend Yield	-	-	2.03%	0.48%	0.38%	0.78%	1.68%	1.97%	2.63%	7.48%	2.86%	3.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,148.49
(-) Cash Dividends Paid (M)	393.74
(=) Cash Retained (M)	754.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	229.70	143.56	86.14
Cash Retained (M)	754.76	754.76	754.76
(-) Cash Required (M)	-229.70	-143.56	-86.14
(=) Excess Retained (M)	525.06	611.20	668.62
(/) Shares Outstanding (M)	1,356.96	1,356.96	1,356.96
(=) Excess Retained per Share	0.39	0.45	0.49
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.39	0.45	0.49
(=) Adjusted Dividend	0.68	0.74	0.78
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.95	$22.67	$33.94
Upside / Downside	-4.97%	35.08%	102.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,148.49	1,223.15	1,302.65	1,387.32	1,477.50	1,573.54	1,620.74
Payout Ratio	34.28%	45.43%	56.57%	67.71%	78.86%	90.00%	92.50%
Projected Dividends (M)	393.74	555.63	736.91	939.40	1,165.11	1,416.18	1,499.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	500.47	505.21	509.95
Year 2 PV (M)	597.85	609.24	620.73
Year 3 PV (M)	686.47	706.18	726.26
Year 4 PV (M)	766.88	796.37	826.70
Year 5 PV (M)	839.60	880.15	922.25
PV of Terminal Value (M)	12,734.13	13,349.19	13,987.79
Equity Value (M)	16,125.39	16,846.33	17,593.70
Shares Outstanding (M)	1,356.96	1,356.96	1,356.96
Fair Value	$11.88	$12.41	$12.97
Upside / Downside	-29.18%	-26.01%	-22.73%

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Henan Pinggao Electric Co.,Ltd. (600312.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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