DDM Analysis: 603390.SS

Valuation Snapshot

Stable Growth	$27.46 - $32.40	$30.34
Multi-Stage	$17.50 - $19.34	$18.40
Blended Fair Value	$24.37
Current Price	$12.65
Upside	92.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	79.88%	0.00%	0.08	0.01	0.01	0.11	0.10	0.00	0.08	0.02	0.04	0.01
YoY Growth	-	-	1,405.18%	-39.66%	-91.92%	4.84%	2,346.21%	-94.87%	401.91%	-61.91%	272.41%	0.00%
Dividend Yield	-	-	0.77%	0.06%	0.12%	1.36%	1.02%	0.03%	0.56%	0.11%	0.29%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.79
(-) Cash Dividends Paid (M)	14.17
(=) Cash Retained (M)	49.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.76	7.97	4.78
Cash Retained (M)	49.62	49.62	49.62
(-) Cash Required (M)	-12.76	-7.97	-4.78
(=) Excess Retained (M)	36.86	41.64	44.83
(/) Shares Outstanding (M)	364.26	364.26	364.26
(=) Excess Retained per Share	0.10	0.11	0.12
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.10	0.11	0.12
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	-2.30%	-2.30%	-2.30%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$27.46	$30.34	$32.40
Upside / Downside	117.07%	139.84%	156.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.79	63.15	62.52	61.89	61.28	60.66	62.48
Payout Ratio	22.22%	35.77%	49.33%	62.89%	76.44%	90.00%	92.50%
Projected Dividends (M)	14.17	22.59	30.84	38.92	46.84	54.60	57.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-2.30%	-2.30%	-2.30%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	22.89	23.12	23.36
Year 2 PV (M)	31.66	32.31	32.96
Year 3 PV (M)	40.48	41.74	43.01
Year 4 PV (M)	49.36	51.41	53.52
Year 5 PV (M)	58.29	61.33	64.49
PV of Terminal Value (M)	6,170.92	6,492.25	6,826.83
Equity Value (M)	6,373.60	6,702.15	7,044.17
Shares Outstanding (M)	364.26	364.26	364.26
Fair Value	$17.50	$18.40	$19.34
Upside / Downside	38.32%	45.45%	52.87%

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Guangzhou Tongda Auto Electric Co., Ltd. (603390.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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