DDM Analysis: 002028.SZ

Valuation Snapshot

Stable Growth	$67.13 - $144.32	$95.76
Multi-Stage	$47.63 - $52.09	$49.82
Blended Fair Value	$72.79
Current Price	$109.02
Upside	-33.23%
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	32.44%	13.61%	0.40	0.30	0.20	0.20	0.10	0.10	0.10	0.10	0.16	0.08
YoY Growth	-	-	34.21%	50.61%	0.95%	99.02%	0.34%	-0.97%	2.68%	-39.37%	101.73%	-29.32%
Dividend Yield	-	-	0.53%	0.51%	0.44%	0.60%	0.33%	0.55%	0.78%	0.60%	1.03%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,749.07
(-) Cash Dividends Paid (M)	3.97
(=) Cash Retained (M)	2,745.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	549.81	343.63	206.18
Cash Retained (M)	2,745.10	2,745.10	2,745.10
(-) Cash Required (M)	-549.81	-343.63	-206.18
(=) Excess Retained (M)	2,195.29	2,401.47	2,538.92
(/) Shares Outstanding (M)	780.98	780.98	780.98
(=) Excess Retained per Share	2.81	3.07	3.25
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	2.81	3.07	3.25
(=) Adjusted Dividend	2.82	3.08	3.26
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$67.13	$95.76	$144.32
Upside / Downside	-38.42%	-12.16%	32.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,749.07	2,927.76	3,118.07	3,320.74	3,536.59	3,766.47	3,879.46
Payout Ratio	0.14%	18.12%	36.09%	54.06%	72.03%	90.00%	92.50%
Projected Dividends (M)	3.97	530.38	1,125.21	1,795.12	2,547.37	3,389.82	3,588.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	477.96	482.49	487.02
Year 2 PV (M)	913.78	931.19	948.76
Year 3 PV (M)	1,313.74	1,351.45	1,389.88
Year 4 PV (M)	1,680.01	1,744.62	1,811.07
Year 5 PV (M)	2,014.66	2,111.97	2,213.00
PV of Terminal Value (M)	30,796.28	32,283.76	33,828.16
Equity Value (M)	37,196.43	38,905.47	40,677.89
Shares Outstanding (M)	780.98	780.98	780.98
Fair Value	$47.63	$49.82	$52.09
Upside / Downside	-56.31%	-54.31%	-52.22%

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Sieyuan Electric Co., Ltd. (002028.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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