DDM Analysis: 603035.SS

Valuation Snapshot

Stable Growth	$175.04 - $206.23	$193.27
Multi-Stage	$141.25 - $155.01	$148.00
Blended Fair Value	$170.63
Current Price	$17.61
Upside	868.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.92%	2.19%	0.57	0.54	0.47	0.43	0.37	0.50	0.27	0.21	0.37	0.20
YoY Growth	-	-	6.54%	13.76%	10.93%	14.07%	-24.71%	82.24%	31.05%	-43.26%	86.73%	-57.48%
Dividend Yield	-	-	3.91%	3.32%	2.43%	3.16%	3.34%	3.78%	1.94%	1.41%	1.41%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	388.06
(-) Cash Dividends Paid (M)	173.88
(=) Cash Retained (M)	214.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	77.61	48.51	29.10
Cash Retained (M)	214.18	214.18	214.18
(-) Cash Required (M)	-77.61	-48.51	-29.10
(=) Excess Retained (M)	136.57	165.68	185.08
(/) Shares Outstanding (M)	374.22	374.22	374.22
(=) Excess Retained per Share	0.36	0.44	0.49
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.36	0.44	0.49
(=) Adjusted Dividend	0.83	0.91	0.96
WACC / Discount Rate	-1.12%	-1.12%	-1.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$175.04	$193.27	$206.23
Upside / Downside	893.99%	997.48%	1,071.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	388.06	413.29	440.15	468.76	499.23	531.68	547.63
Payout Ratio	44.81%	53.85%	62.88%	71.92%	80.96%	90.00%	92.50%
Projected Dividends (M)	173.88	222.54	276.78	337.14	404.18	478.51	506.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.12%	-1.12%	-1.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	222.95	225.06	227.18
Year 2 PV (M)	277.82	283.11	288.45
Year 3 PV (M)	339.03	348.77	358.68
Year 4 PV (M)	407.20	422.86	438.97
Year 5 PV (M)	482.99	506.32	530.54
PV of Terminal Value (M)	51,129.60	53,599.18	56,163.27
Equity Value (M)	52,859.59	55,385.30	58,007.09
Shares Outstanding (M)	374.22	374.22	374.22
Fair Value	$141.25	$148.00	$155.01
Upside / Downside	702.11%	740.43%	780.22%

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Jiangsu Changshu Automotive Trim Group Co., Ltd. (603035.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener