DDM Analysis: 600563.SS

Valuation Snapshot

Stable Growth	$367.30 - $1,017.34	$953.40
Multi-Stage	$142.71 - $156.16	$149.31
Blended Fair Value	$551.35
Current Price	$126.40
Upside	336.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.12%	11.09%	2.01	1.86	1.68	1.32	1.33	1.30	1.23	1.10	1.00	0.70
YoY Growth	-	-	8.22%	10.86%	27.30%	-1.21%	2.53%	5.72%	11.72%	10.00%	42.76%	-0.22%
Dividend Yield	-	-	1.84%	1.82%	1.15%	0.66%	1.34%	2.96%	2.53%	2.43%	2.43%	2.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,152.12
(-) Cash Dividends Paid (M)	459.15
(=) Cash Retained (M)	692.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	230.42	144.02	86.41
Cash Retained (M)	692.97	692.97	692.97
(-) Cash Required (M)	-230.42	-144.02	-86.41
(=) Excess Retained (M)	462.55	548.96	606.56
(/) Shares Outstanding (M)	225.22	225.22	225.22
(=) Excess Retained per Share	2.05	2.44	2.69
LTM Dividend per Share	2.04	2.04	2.04
(+) Excess Retained per Share	2.05	2.44	2.69
(=) Adjusted Dividend	4.09	4.48	4.73
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$367.30	$953.40	$1,017.34
Upside / Downside	190.59%	654.27%	704.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,152.12	1,227.01	1,306.77	1,391.71	1,482.17	1,578.51	1,625.86
Payout Ratio	39.85%	49.88%	59.91%	69.94%	79.97%	90.00%	92.50%
Projected Dividends (M)	459.15	612.06	782.90	973.37	1,185.30	1,420.66	1,503.92

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)	568.37	573.76	579.14
Year 2 PV (M)	675.13	687.98	700.97
Year 3 PV (M)	779.46	801.84	824.64
Year 4 PV (M)	881.41	915.31	950.18
Year 5 PV (M)	981.03	1,028.41	1,077.61
PV of Terminal Value (M)	28,255.65	29,620.41	31,037.40
Equity Value (M)	32,141.05	33,627.71	35,169.93
Shares Outstanding (M)	225.22	225.22	225.22
Fair Value	$142.71	$149.31	$156.16
Upside / Downside	12.90%	18.12%	23.54%

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Xiamen Faratronic Co., Ltd. (600563.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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