DDM Analysis: 600166.SS

Valuation Snapshot

Stable Growth	$0.44 - $0.59	$0.52
Multi-Stage	$0.51 - $0.55	$0.53
Blended Fair Value	$0.53
Current Price	$2.74
Upside	-80.83%
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	-26.61%	-11.93%	0.02	0.00	0.00	0.03	0.06	0.09	0.12	0.07	0.06	0.02
YoY Growth	-	-	0.00%	0.00%	-100.00%	-48.75%	-35.55%	-19.09%	63.59%	27.63%	210.18%	-74.85%
Dividend Yield	-	-	0.82%	0.00%	0.00%	1.20%	1.52%	4.97%	4.87%	2.85%	1.72%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	761.01
(-) Cash Dividends Paid (M)	124.12
(=) Cash Retained (M)	636.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	152.20	95.13	57.08
Cash Retained (M)	636.89	636.89	636.89
(-) Cash Required (M)	-152.20	-95.13	-57.08
(=) Excess Retained (M)	484.68	541.76	579.81
(/) Shares Outstanding (M)	7,917.40	7,917.40	7,917.40
(=) Excess Retained per Share	0.06	0.07	0.07
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.06	0.07	0.07
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	15.31%	15.31%	15.31%
Growth Rate	-1.69%	-0.69%	0.31%
Fair Value	$0.44	$0.52	$0.59
Upside / Downside	-83.77%	-80.95%	-78.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	761.01	755.75	750.54	745.36	740.21	735.10	757.15
Payout Ratio	16.31%	31.05%	45.79%	60.52%	75.26%	90.00%	92.50%
Projected Dividends (M)	124.12	234.65	343.64	451.12	557.10	661.59	700.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	15.31%	15.31%	15.31%
Growth Rate	-1.69%	-0.69%	0.31%
Year 1 PV (M)	201.44	203.49	205.54
Year 2 PV (M)	253.27	258.45	263.68
Year 3 PV (M)	285.43	294.23	303.21
Year 4 PV (M)	302.60	315.11	327.99
Year 5 PV (M)	308.51	324.52	341.19
PV of Terminal Value (M)	2,652.97	2,790.68	2,934.04
Equity Value (M)	4,004.23	4,186.47	4,375.65
Shares Outstanding (M)	7,917.40	7,917.40	7,917.40
Fair Value	$0.51	$0.53	$0.55
Upside / Downside	-81.54%	-80.70%	-79.83%

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Beiqi Foton Motor Co., Ltd. (600166.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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