DDM Analysis: 600353.SS

Valuation Snapshot

Stable Growth	$24.55 - $28.93	$27.11
Multi-Stage	$15.68 - $17.23	$16.44
Blended Fair Value	$21.77
Current Price	$16.75
Upside	29.98%
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	5.09%	4.84%	0.05	0.01	0.01	0.02	0.04	0.04	0.01	0.02	0.02	0.02
YoY Growth	-	-	392.97%	102.35%	-75.05%	-51.79%	6.81%	204.46%	-16.93%	-7.39%	-23.12%	-30.47%
Dividend Yield	-	-	0.61%	0.15%	0.06%	0.42%	1.33%	1.12%	0.33%	0.37%	0.23%	0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	122.72
(-) Cash Dividends Paid (M)	60.21
(=) Cash Retained (M)	62.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.54	15.34	9.20
Cash Retained (M)	62.50	62.50	62.50
(-) Cash Required (M)	-24.54	-15.34	-9.20
(=) Excess Retained (M)	37.96	47.17	53.30
(/) Shares Outstanding (M)	829.74	829.74	829.74
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	2.30%	2.30%	2.30%
Growth Rate	3.73%	4.73%	5.73%
Fair Value	$24.55	$27.11	$28.93
Upside / Downside	46.55%	61.83%	72.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	122.72	128.53	134.61	140.98	147.65	154.63	159.27
Payout Ratio	49.07%	57.25%	65.44%	73.63%	81.81%	90.00%	92.50%
Projected Dividends (M)	60.21	73.58	88.09	103.80	120.79	139.17	147.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.30%	2.30%	2.30%
Growth Rate	3.73%	4.73%	5.73%
Year 1 PV (M)	71.24	71.93	72.62
Year 2 PV (M)	82.57	84.17	85.79
Year 3 PV (M)	94.20	96.95	99.76
Year 4 PV (M)	106.15	110.30	114.57
Year 5 PV (M)	118.40	124.22	130.27
PV of Terminal Value (M)	12,534.24	13,150.17	13,790.08
Equity Value (M)	13,006.81	13,637.75	14,293.08
Shares Outstanding (M)	829.74	829.74	829.74
Fair Value	$15.68	$16.44	$17.23
Upside / Downside	-6.41%	-1.87%	2.84%

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Chengdu Xuguang Electronics Co., Ltd. (600353.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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