DDM Analysis: 300207.SZ

Valuation Snapshot

Stable Growth	$65.85 - $179.55	$168.26
Multi-Stage	$25.30 - $27.69	$26.48
Blended Fair Value	$97.37
Current Price	$33.79
Upside	188.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.70%	28.45%	0.41	0.44	0.41	0.30	0.22	0.28	0.28	0.08	0.05	0.04
YoY Growth	-	-	-5.72%	6.99%	34.77%	34.20%	-20.56%	2.27%	264.60%	56.50%	11.80%	29.36%
Dividend Yield	-	-	1.85%	3.04%	2.02%	1.10%	1.16%	2.00%	2.22%	0.66%	0.39%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,661.44
(-) Cash Dividends Paid (M)	649.55
(=) Cash Retained (M)	1,011.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	332.29	207.68	124.61
Cash Retained (M)	1,011.89	1,011.89	1,011.89
(-) Cash Required (M)	-332.29	-207.68	-124.61
(=) Excess Retained (M)	679.61	804.21	887.29
(/) Shares Outstanding (M)	1,840.31	1,840.31	1,840.31
(=) Excess Retained per Share	0.37	0.44	0.48
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.37	0.44	0.48
(=) Adjusted Dividend	0.72	0.79	0.84
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65.85	$168.26	$179.55
Upside / Downside	94.88%	397.96%	431.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,661.44	1,769.44	1,884.45	2,006.94	2,137.39	2,276.32	2,344.61
Payout Ratio	39.10%	49.28%	59.46%	69.64%	79.82%	90.00%	92.50%
Projected Dividends (M)	649.55	871.91	1,120.44	1,397.60	1,706.05	2,048.69	2,168.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	809.82	817.49	825.17
Year 2 PV (M)	966.53	984.94	1,003.52
Year 3 PV (M)	1,119.75	1,151.89	1,184.65
Year 4 PV (M)	1,269.53	1,318.35	1,368.57
Year 5 PV (M)	1,415.93	1,484.32	1,555.32
PV of Terminal Value (M)	40,986.35	42,966.01	45,021.43
Equity Value (M)	46,567.90	48,723.00	50,958.66
Shares Outstanding (M)	1,840.31	1,840.31	1,840.31
Fair Value	$25.30	$26.48	$27.69
Upside / Downside	-25.11%	-21.65%	-18.05%

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Sunwoda Electronic Co.,Ltd (300207.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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