DDM Analysis: 000682.SZ

Valuation Snapshot

Stable Growth	$95.41 - $112.41	$105.34
Multi-Stage	$64.25 - $70.53	$67.33
Blended Fair Value	$86.34
Current Price	$12.03
Upside	617.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	106.03%	18.51%	0.12	0.08	0.06	0.00	0.04	0.00	0.01	0.00	0.00	0.01
YoY Growth	-	-	54.52%	22.43%	2,217.65%	-93.50%	1,203.20%	-39.24%	142.97%	-8.24%	-61.78%	-71.57%
Dividend Yield	-	-	1.19%	0.81%	0.75%	0.04%	0.87%	0.07%	0.08%	0.05%	0.05%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	757.74
(-) Cash Dividends Paid (M)	49.70
(=) Cash Retained (M)	708.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	151.55	94.72	56.83
Cash Retained (M)	708.04	708.04	708.04
(-) Cash Required (M)	-151.55	-94.72	-56.83
(=) Excess Retained (M)	556.49	613.32	651.21
(/) Shares Outstanding (M)	1,340.64	1,340.64	1,340.64
(=) Excess Retained per Share	0.42	0.46	0.49
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.42	0.46	0.49
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	2.41%	2.41%	2.41%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$95.41	$105.34	$112.41
Upside / Downside	693.07%	775.64%	834.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	757.74	806.99	859.44	915.31	974.80	1,038.16	1,069.31
Payout Ratio	6.56%	23.25%	39.94%	56.62%	73.31%	90.00%	92.50%
Projected Dividends (M)	49.70	187.60	343.22	518.28	714.65	934.35	989.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.41%	2.41%	2.41%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	181.46	183.18	184.90
Year 2 PV (M)	321.12	327.24	333.42
Year 3 PV (M)	469.04	482.51	496.23
Year 4 PV (M)	625.58	649.64	674.39
Year 5 PV (M)	791.14	829.35	869.03
PV of Terminal Value (M)	83,750.93	87,796.13	91,996.15
Equity Value (M)	86,139.28	90,268.05	94,554.11
Shares Outstanding (M)	1,340.64	1,340.64	1,340.64
Fair Value	$64.25	$67.33	$70.53
Upside / Downside	434.10%	459.70%	486.28%

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Dongfang Electronics Co., Ltd. (000682.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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