DDM Analysis: 603556.SS

Valuation Snapshot

Stable Growth	$142.08 - $387.34	$362.99
Multi-Stage	$54.54 - $59.69	$57.07
Blended Fair Value	$210.03
Current Price	$27.84
Upside	654.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.78%	16.64%	1.15	0.79	0.36	0.58	0.65	0.40	0.30	0.24	0.19	0.34
YoY Growth	-	-	46.59%	115.34%	-36.68%	-11.68%	64.58%	31.84%	26.97%	21.98%	-43.15%	38.18%
Dividend Yield	-	-	3.37%	2.15%	1.68%	4.91%	4.71%	2.81%	1.87%	0.88%	0.52%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	942.83
(-) Cash Dividends Paid (M)	355.79
(=) Cash Retained (M)	587.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	188.57	117.85	70.71
Cash Retained (M)	587.04	587.04	587.04
(-) Cash Required (M)	-188.57	-117.85	-70.71
(=) Excess Retained (M)	398.47	469.18	516.33
(/) Shares Outstanding (M)	484.09	484.09	484.09
(=) Excess Retained per Share	0.82	0.97	1.07
LTM Dividend per Share	0.73	0.73	0.73
(+) Excess Retained per Share	0.82	0.97	1.07
(=) Adjusted Dividend	1.56	1.70	1.80
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$142.08	$362.99	$387.34
Upside / Downside	410.36%	1,203.85%	1,291.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	942.83	1,004.11	1,069.38	1,138.89	1,212.91	1,291.75	1,330.50
Payout Ratio	37.74%	48.19%	58.64%	69.09%	79.55%	90.00%	92.50%
Projected Dividends (M)	355.79	483.87	627.10	786.91	964.84	1,162.58	1,230.72

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)	449.41	453.67	457.93
Year 2 PV (M)	540.96	551.26	561.67
Year 3 PV (M)	630.47	648.57	667.01
Year 4 PV (M)	717.98	745.59	773.99
Year 5 PV (M)	803.51	842.32	882.61
PV of Terminal Value (M)	23,260.09	24,383.56	25,550.03
Equity Value (M)	26,402.42	27,624.97	28,893.24
Shares Outstanding (M)	484.09	484.09	484.09
Fair Value	$54.54	$57.07	$59.69
Upside / Downside	95.91%	104.98%	114.39%

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Hexing Electrical Co.,Ltd. (603556.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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