DDM Analysis: 300679.SZ

Valuation Snapshot

Stable Growth	$91.41 - $253.10	$237.19
Multi-Stage	$35.44 - $38.78	$37.08
Blended Fair Value	$137.13
Current Price	$57.00
Upside	140.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.15%	9.55%	0.36	0.19	0.37	0.29	0.12	0.06	0.00	0.29	0.17	0.24
YoY Growth	-	-	85.08%	-47.51%	25.99%	146.64%	92.31%	0.00%	-100.00%	72.51%	-30.22%	65.50%
Dividend Yield	-	-	0.63%	0.47%	1.06%	0.94%	0.46%	0.27%	0.00%	1.15%	0.60%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	536.50
(-) Cash Dividends Paid (M)	198.75
(=) Cash Retained (M)	337.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	107.30	67.06	40.24
Cash Retained (M)	337.75	337.75	337.75
(-) Cash Required (M)	-107.30	-67.06	-40.24
(=) Excess Retained (M)	230.45	270.69	297.52
(/) Shares Outstanding (M)	421.56	421.56	421.56
(=) Excess Retained per Share	0.55	0.64	0.71
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.55	0.64	0.71
(=) Adjusted Dividend	1.02	1.11	1.18
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$91.41	$237.19	$253.10
Upside / Downside	60.37%	316.12%	344.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	536.50	571.37	608.51	648.06	690.19	735.05	757.10
Payout Ratio	37.04%	47.64%	58.23%	68.82%	79.41%	90.00%	92.50%
Projected Dividends (M)	198.75	272.18	354.32	445.98	548.07	661.55	700.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	252.75	255.15	257.54
Year 2 PV (M)	305.54	311.36	317.24
Year 3 PV (M)	357.14	367.39	377.84
Year 4 PV (M)	407.57	423.24	439.36
Year 5 PV (M)	456.84	478.90	501.81
PV of Terminal Value (M)	13,159.29	13,794.89	14,454.81
Equity Value (M)	14,939.12	15,630.93	16,348.60
Shares Outstanding (M)	421.56	421.56	421.56
Fair Value	$35.44	$37.08	$38.78
Upside / Downside	-37.83%	-34.95%	-31.96%

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Electric Connector Technology Co., Ltd. (300679.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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