DDM Analysis: 603766.SS

Valuation Snapshot

Stable Growth	$29.98 - $171.58	$56.27
Multi-Stage	$17.78 - $19.43	$18.59
Blended Fair Value	$37.43
Current Price	$12.02
Upside	211.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.69%	2.67%	0.10	0.08	0.07	0.09	0.12	0.02	0.42	0.21	0.08	0.09
YoY Growth	-	-	22.88%	24.51%	-26.32%	-21.70%	460.70%	-94.99%	98.84%	157.38%	-7.94%	11.39%
Dividend Yield	-	-	0.90%	1.28%	1.31%	2.11%	3.61%	0.63%	7.80%	3.12%	1.45%	1.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,799.38
(-) Cash Dividends Paid (M)	825.46
(=) Cash Retained (M)	973.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	359.88	224.92	134.95
Cash Retained (M)	973.92	973.92	973.92
(-) Cash Required (M)	-359.88	-224.92	-134.95
(=) Excess Retained (M)	614.04	749.00	838.97
(/) Shares Outstanding (M)	2,085.69	2,085.69	2,085.69
(=) Excess Retained per Share	0.29	0.36	0.40
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.29	0.36	0.40
(=) Adjusted Dividend	0.69	0.75	0.80
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$29.98	$56.27	$171.58
Upside / Downside	149.41%	368.12%	1,327.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,799.38	1,916.34	2,040.91	2,173.56	2,314.85	2,465.31	2,539.27
Payout Ratio	45.87%	54.70%	63.52%	72.35%	81.17%	90.00%	92.50%
Projected Dividends (M)	825.46	1,048.24	1,296.48	1,572.57	1,879.08	2,218.78	2,348.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	962.11	971.23	980.35
Year 2 PV (M)	1,092.19	1,112.99	1,133.99
Year 3 PV (M)	1,215.93	1,250.83	1,286.40
Year 4 PV (M)	1,333.54	1,384.83	1,437.57
Year 5 PV (M)	1,445.25	1,515.05	1,587.53
PV of Terminal Value (M)	31,041.09	32,540.38	34,097.06
Equity Value (M)	37,090.10	38,775.32	40,522.91
Shares Outstanding (M)	2,085.69	2,085.69	2,085.69
Fair Value	$17.78	$18.59	$19.43
Upside / Downside	47.95%	54.67%	61.64%

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Loncin Motor Co., Ltd. (603766.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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