DDM Analysis: 603829.SS

Valuation Snapshot

Stable Growth	$48.72 - $132.81	$124.47
Multi-Stage	$18.75 - $20.52	$19.62
Blended Fair Value	$72.04
Current Price	$23.21
Upside	210.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.44%	7.76%	0.16	0.23	0.17	0.15	0.12	0.12	0.11	0.08	0.12	0.07
YoY Growth	-	-	-31.55%	35.64%	13.06%	21.12%	2.52%	10.78%	30.83%	-29.60%	61.36%	-1.67%
Dividend Yield	-	-	1.09%	1.71%	1.26%	1.35%	1.14%	1.25%	0.87%	0.47%	1.13%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	113.64
(-) Cash Dividends Paid (M)	47.03
(=) Cash Retained (M)	66.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.73	14.20	8.52
Cash Retained (M)	66.61	66.61	66.61
(-) Cash Required (M)	-22.73	-14.20	-8.52
(=) Excess Retained (M)	43.88	52.40	58.08
(/) Shares Outstanding (M)	170.16	170.16	170.16
(=) Excess Retained per Share	0.26	0.31	0.34
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.26	0.31	0.34
(=) Adjusted Dividend	0.53	0.58	0.62
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$48.72	$124.47	$132.81
Upside / Downside	109.90%	436.26%	472.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	113.64	121.02	128.89	137.27	146.19	155.69	160.36
Payout Ratio	41.39%	51.11%	60.83%	70.56%	80.28%	90.00%	92.50%
Projected Dividends (M)	47.03	61.86	78.41	96.85	117.36	140.12	148.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	57.45	58.00	58.54
Year 2 PV (M)	67.64	68.93	70.23
Year 3 PV (M)	77.60	79.82	82.09
Year 4 PV (M)	87.33	90.69	94.14
Year 5 PV (M)	96.85	101.52	106.38
PV of Terminal Value (M)	2,803.49	2,938.90	3,079.50
Equity Value (M)	3,190.36	3,337.86	3,490.88
Shares Outstanding (M)	170.16	170.16	170.16
Fair Value	$18.75	$19.62	$20.52
Upside / Downside	-19.22%	-15.48%	-11.61%

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Jiangsu Luokai Mechanical &Electrical Co., Ltd . (603829.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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