DDM Analysis: 603408.SS

Valuation Snapshot

Stable Growth	$33.16 - $194.85	$61.11
Multi-Stage	$20.50 - $22.36	$21.41
Blended Fair Value	$41.26
Current Price	$12.27
Upside	236.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.41%	0.00%	0.69	0.51	0.43	0.41	0.37	0.32	0.29	0.59	0.35	0.00
YoY Growth	-	-	35.23%	18.48%	3.98%	11.78%	14.77%	10.49%	-50.61%	67.28%	0.00%	0.00%
Dividend Yield	-	-	5.11%	3.60%	3.54%	3.35%	2.29%	1.43%	1.30%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	433.84
(-) Cash Dividends Paid (M)	333.33
(=) Cash Retained (M)	100.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	86.77	54.23	32.54
Cash Retained (M)	100.51	100.51	100.51
(-) Cash Required (M)	-86.77	-54.23	-32.54
(=) Excess Retained (M)	13.74	46.28	67.97
(/) Shares Outstanding (M)	442.80	442.80	442.80
(=) Excess Retained per Share	0.03	0.10	0.15
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	0.03	0.10	0.15
(=) Adjusted Dividend	0.78	0.86	0.91
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$33.16	$61.11	$194.85
Upside / Downside	170.22%	398.06%	1,488.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	433.84	462.04	492.08	524.06	558.12	594.40	612.23
Payout Ratio	76.83%	79.47%	82.10%	84.73%	87.37%	90.00%	92.50%
Projected Dividends (M)	333.33	367.17	403.99	444.05	487.61	534.96	566.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	336.80	339.99	343.18
Year 2 PV (M)	339.92	346.40	352.93
Year 3 PV (M)	342.72	352.56	362.59
Year 4 PV (M)	345.21	358.49	372.15
Year 5 PV (M)	347.41	364.19	381.61
PV of Terminal Value (M)	7,364.18	7,719.87	8,089.18
Equity Value (M)	9,076.24	9,481.49	9,901.63
Shares Outstanding (M)	442.80	442.80	442.80
Fair Value	$20.50	$21.41	$22.36
Upside / Downside	67.05%	74.51%	82.24%

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Runner (Xiamen) Corp. (603408.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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