DDM Analysis: 600183.SS

Valuation Snapshot

Stable Growth	$198.02 - $233.30	$218.63
Multi-Stage	$159.21 - $174.69	$166.80
Blended Fair Value	$192.72
Current Price	$54.02
Upside	256.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.94%	7.67%	0.50	0.44	0.58	0.38	0.38	0.31	0.27	0.20	0.18	0.15
YoY Growth	-	-	13.16%	-24.17%	51.56%	0.67%	22.66%	12.98%	37.24%	11.00%	21.23%	-37.50%
Dividend Yield	-	-	1.83%	2.49%	3.14%	2.37%	1.67%	1.17%	2.03%	1.63%	1.99%	2.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,809.59
(-) Cash Dividends Paid (M)	1,545.84
(=) Cash Retained (M)	1,263.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	561.92	351.20	210.72
Cash Retained (M)	1,263.75	1,263.75	1,263.75
(-) Cash Required (M)	-561.92	-351.20	-210.72
(=) Excess Retained (M)	701.83	912.55	1,053.03
(/) Shares Outstanding (M)	2,395.05	2,395.05	2,395.05
(=) Excess Retained per Share	0.29	0.38	0.44
LTM Dividend per Share	0.65	0.65	0.65
(+) Excess Retained per Share	0.29	0.38	0.44
(=) Adjusted Dividend	0.94	1.03	1.09
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$198.02	$218.63	$233.30
Upside / Downside	266.56%	304.73%	331.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,809.59	2,992.21	3,186.71	3,393.84	3,614.44	3,849.38	3,964.86
Payout Ratio	55.02%	62.02%	69.01%	76.01%	83.00%	90.00%	92.50%
Projected Dividends (M)	1,545.84	1,855.65	2,199.21	2,579.59	3,000.13	3,464.44	3,667.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,857.09	1,874.69	1,892.30
Year 2 PV (M)	2,202.62	2,244.57	2,286.92
Year 3 PV (M)	2,585.59	2,659.81	2,735.44
Year 4 PV (M)	3,009.43	3,125.17	3,244.21
Year 5 PV (M)	3,477.87	3,645.85	3,820.27
PV of Terminal Value (M)	368,171.32	385,954.13	404,417.54
Equity Value (M)	381,303.92	399,504.23	418,396.67
Shares Outstanding (M)	2,395.05	2,395.05	2,395.05
Fair Value	$159.21	$166.80	$174.69
Upside / Downside	194.72%	208.78%	223.38%

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Shengyi Technology Co.,Ltd. (600183.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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