DDM Analysis: 603788.SS

Valuation Snapshot

Stable Growth	$147.21 - $173.44	$162.54
Multi-Stage	$127.97 - $140.40	$134.07
Blended Fair Value	$148.30
Current Price	$17.92
Upside	727.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.35%	16.63%	0.60	0.50	0.50	0.60	0.60	0.61	0.74	0.51	0.38	0.22
YoY Growth	-	-	20.00%	0.00%	-16.67%	0.00%	-1.76%	-17.11%	45.39%	33.65%	76.65%	66.67%
Dividend Yield	-	-	3.67%	3.53%	4.30%	4.89%	4.38%	3.85%	4.42%	1.74%	1.38%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	193.89
(-) Cash Dividends Paid (M)	156.15
(=) Cash Retained (M)	37.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.78	24.24	14.54
Cash Retained (M)	37.74	37.74	37.74
(-) Cash Required (M)	-38.78	-24.24	-14.54
(=) Excess Retained (M)	-1.03	13.51	23.20
(/) Shares Outstanding (M)	222.33	222.33	222.33
(=) Excess Retained per Share	0.00	0.06	0.10
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.00	0.06	0.10
(=) Adjusted Dividend	0.70	0.76	0.81
WACC / Discount Rate	-2.49%	-2.49%	-2.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$147.21	$162.54	$173.44
Upside / Downside	721.48%	807.01%	867.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	193.89	206.49	219.92	234.21	249.43	265.65	273.62
Payout Ratio	80.53%	82.43%	84.32%	86.21%	88.11%	90.00%	92.50%
Projected Dividends (M)	156.15	170.20	185.43	201.92	219.77	239.08	253.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-2.49%	-2.49%	-2.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	172.91	174.55	176.18
Year 2 PV (M)	191.37	195.01	198.69
Year 3 PV (M)	211.69	217.76	223.96
Year 4 PV (M)	234.06	243.06	252.32
Year 5 PV (M)	258.67	271.16	284.13
PV of Terminal Value (M)	27,382.92	28,705.53	30,078.76
Equity Value (M)	28,451.61	29,807.07	31,214.04
Shares Outstanding (M)	222.33	222.33	222.33
Fair Value	$127.97	$134.07	$140.40
Upside / Downside	614.12%	648.15%	683.46%

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Ningbo Gaofa Automotive Control System Co., Ltd. (603788.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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