DDM Analysis: 603283.SS

Valuation Snapshot

Stable Growth	$193.66 - $474.31	$444.50
Multi-Stage	$68.56 - $75.06	$71.75
Blended Fair Value	$258.12
Current Price	$47.40
Upside	444.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-22.35%	34.20%	0.09	0.59	0.41	0.78	0.59	0.31	0.17	0.17	0.01	0.28
YoY Growth	-	-	-85.39%	42.62%	-47.12%	32.97%	92.76%	76.00%	5.21%	2,883.75%	-98.04%	6,106.03%
Dividend Yield	-	-	0.20%	1.09%	1.25%	5.48%	3.28%	1.14%	1.20%	0.73%	0.08%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	480.11
(-) Cash Dividends Paid (M)	124.75
(=) Cash Retained (M)	355.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	96.02	60.01	36.01
Cash Retained (M)	355.35	355.35	355.35
(-) Cash Required (M)	-96.02	-60.01	-36.01
(=) Excess Retained (M)	259.33	295.34	319.34
(/) Shares Outstanding (M)	201.31	201.31	201.31
(=) Excess Retained per Share	1.29	1.47	1.59
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	1.29	1.47	1.59
(=) Adjusted Dividend	1.91	2.09	2.21
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$193.66	$444.50	$474.31
Upside / Downside	308.57%	837.76%	900.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	480.11	511.31	544.55	579.95	617.64	657.79	677.52
Payout Ratio	25.98%	38.79%	51.59%	64.39%	77.20%	90.00%	92.50%
Projected Dividends (M)	124.75	198.33	280.94	373.45	476.80	592.01	626.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	184.41	186.15	187.90
Year 2 PV (M)	242.88	247.51	252.18
Year 3 PV (M)	300.20	308.82	317.60
Year 4 PV (M)	356.38	370.08	384.18
Year 5 PV (M)	411.43	431.30	451.93
PV of Terminal Value (M)	12,305.56	12,899.92	13,517.03
Equity Value (M)	13,800.85	14,443.78	15,110.82
Shares Outstanding (M)	201.31	201.31	201.31
Fair Value	$68.56	$71.75	$75.06
Upside / Downside	44.63%	51.37%	58.36%

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Suzhou Secote Precision Electronic Co.,LTD (603283.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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