DDM Analysis: 603929.SS

Valuation Snapshot

Stable Growth	$274.90 - $595.91	$558.46
Multi-Stage	$89.73 - $98.24	$93.91
Blended Fair Value	$326.18
Current Price	$41.94
Upside	677.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.95%	29.57%	1.00	0.25	0.10	0.10	0.25	0.25	0.20	0.16	0.15	0.07
YoY Growth	-	-	300.00%	150.00%	0.00%	-60.00%	0.00%	23.01%	29.65%	4.52%	100.00%	0.00%
Dividend Yield	-	-	3.07%	1.19%	0.59%	0.88%	2.44%	1.78%	1.03%	0.62%	0.49%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	639.34
(-) Cash Dividends Paid (M)	213.36
(=) Cash Retained (M)	425.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	127.87	79.92	47.95
Cash Retained (M)	425.98	425.98	425.98
(-) Cash Required (M)	-127.87	-79.92	-47.95
(=) Excess Retained (M)	298.11	346.06	378.03
(/) Shares Outstanding (M)	213.37	213.37	213.37
(=) Excess Retained per Share	1.40	1.62	1.77
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	1.40	1.62	1.77
(=) Adjusted Dividend	2.40	2.62	2.77
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$274.90	$558.46	$595.91
Upside / Downside	555.47%	1,231.56%	1,320.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	639.34	680.90	725.16	772.29	822.49	875.95	902.23
Payout Ratio	33.37%	44.70%	56.02%	67.35%	78.67%	90.00%	92.50%
Projected Dividends (M)	213.36	304.35	406.26	520.13	647.09	788.36	834.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	283.30	285.99	288.67
Year 2 PV (M)	352.01	358.72	365.49
Year 3 PV (M)	419.52	431.56	443.83
Year 4 PV (M)	485.83	504.51	523.73
Year 5 PV (M)	550.96	577.57	605.20
PV of Terminal Value (M)	17,054.45	17,878.18	18,733.45
Equity Value (M)	19,146.07	20,036.53	20,960.37
Shares Outstanding (M)	213.37	213.37	213.37
Fair Value	$89.73	$93.91	$98.24
Upside / Downside	113.95%	123.91%	134.23%

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L&K Engineering (Suzhou) Co.,Ltd. (603929.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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