DDM Analysis: 601956.SS

Valuation Snapshot

Stable Growth	$1.90 - $2.92	$2.38
Multi-Stage	$4.30 - $4.73	$4.51
Blended Fair Value	$3.44
Current Price	$7.42
Upside	-53.61%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	16.50%	0.00%	0.25	0.15	0.04	0.15	0.11	0.11	0.11	0.11	0.00	0.00
YoY Growth	-	-	69.11%	252.75%	-73.02%	42.35%	-6.33%	5.89%	-3.96%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.58%	2.90%	0.71%	2.44%	1.18%	0.86%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	128.15
(-) Cash Dividends Paid (M)	80.74
(=) Cash Retained (M)	47.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.63	16.02	9.61
Cash Retained (M)	47.41	47.41	47.41
(-) Cash Required (M)	-25.63	-16.02	-9.61
(=) Excess Retained (M)	21.78	31.39	37.80
(/) Shares Outstanding (M)	619.94	619.94	619.94
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.90	$2.38	$2.92
Upside / Downside	-74.42%	-67.99%	-60.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	128.15	126.87	125.60	124.34	123.10	121.87	125.52
Payout Ratio	63.00%	68.40%	73.80%	79.20%	84.60%	90.00%	92.50%
Projected Dividends (M)	80.74	86.78	92.69	98.48	104.14	109.68	116.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	80.63	81.45	82.28
Year 2 PV (M)	80.02	81.66	83.32
Year 3 PV (M)	78.99	81.44	83.93
Year 4 PV (M)	77.62	80.83	84.15
Year 5 PV (M)	75.95	79.91	84.02
PV of Terminal Value (M)	2,271.67	2,389.96	2,513.13
Equity Value (M)	2,664.89	2,795.26	2,930.84
Shares Outstanding (M)	619.94	619.94	619.94
Fair Value	$4.30	$4.51	$4.73
Upside / Downside	-42.07%	-39.23%	-36.29%

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Hubei Donper Electromechanical Group Co., Ltd. (601956.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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