DDM Analysis: 688697.SS

Valuation Snapshot

Stable Growth	$16.87 - $37.69	$24.39
Multi-Stage	$12.86 - $14.00	$13.42
Blended Fair Value	$18.91
Current Price	$15.22
Upside	24.22%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	60.42%	0.00%	0.58	0.42	0.24	0.00	0.01	0.05	0.06	0.05	0.00	0.00
YoY Growth	-	-	39.47%	73.65%	5,773.16%	-63.59%	-79.49%	-2.77%	20.31%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.16%	2.93%	1.35%	0.04%	0.07%	0.34%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	303.86
(-) Cash Dividends Paid (M)	202.99
(=) Cash Retained (M)	100.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.77	37.98	22.79
Cash Retained (M)	100.87	100.87	100.87
(-) Cash Required (M)	-60.77	-37.98	-22.79
(=) Excess Retained (M)	40.10	62.88	78.08
(/) Shares Outstanding (M)	359.33	359.33	359.33
(=) Excess Retained per Share	0.11	0.18	0.22
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.11	0.18	0.22
(=) Adjusted Dividend	0.68	0.74	0.78
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.87	$24.39	$37.69
Upside / Downside	10.84%	60.26%	147.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	303.86	323.61	344.64	367.04	390.90	416.31	428.80
Payout Ratio	66.80%	71.44%	76.08%	80.72%	85.36%	90.00%	92.50%
Projected Dividends (M)	202.99	231.20	262.21	296.28	333.68	374.68	396.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	208.72	210.69	212.67
Year 2 PV (M)	213.70	217.77	221.88
Year 3 PV (M)	217.99	224.25	230.62
Year 4 PV (M)	221.63	230.15	238.92
Year 5 PV (M)	224.66	235.52	246.78
PV of Terminal Value (M)	3,533.54	3,704.21	3,881.41
Equity Value (M)	4,620.24	4,822.59	5,032.29
Shares Outstanding (M)	359.33	359.33	359.33
Fair Value	$12.86	$13.42	$14.00
Upside / Downside	-15.52%	-11.82%	-7.99%

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Neway CNC Equipment (Suzhou) Co., Ltd. (688697.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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