DDM Analysis: 605005.SS

Valuation Snapshot

Stable Growth	$40.41 - $110.17	$103.25
Multi-Stage	$15.51 - $16.97	$16.23
Blended Fair Value	$59.74
Current Price	$18.64
Upside	220.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	57.78%	0.00%	0.21	0.15	0.15	0.15	0.06	0.02	0.41	0.35	0.00	0.00
YoY Growth	-	-	38.93%	-1.07%	0.54%	141.55%	192.94%	-94.79%	17.48%	10,266.17%	0.00%	0.00%
Dividend Yield	-	-	1.14%	0.87%	0.94%	0.85%	0.36%	0.23%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	221.92
(-) Cash Dividends Paid (M)	82.79
(=) Cash Retained (M)	139.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.38	27.74	16.64
Cash Retained (M)	139.13	139.13	139.13
(-) Cash Required (M)	-44.38	-27.74	-16.64
(=) Excess Retained (M)	94.75	111.39	122.49
(/) Shares Outstanding (M)	400.60	400.60	400.60
(=) Excess Retained per Share	0.24	0.28	0.31
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.24	0.28	0.31
(=) Adjusted Dividend	0.44	0.48	0.51
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$40.41	$103.25	$110.17
Upside / Downside	116.77%	453.89%	491.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	221.92	236.34	251.70	268.07	285.49	304.05	313.17
Payout Ratio	37.31%	47.84%	58.38%	68.92%	79.46%	90.00%	92.50%
Projected Dividends (M)	82.79	113.08	146.95	184.76	226.85	273.64	289.68

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)	105.02	106.02	107.01
Year 2 PV (M)	126.77	129.18	131.62
Year 3 PV (M)	148.03	152.28	156.61
Year 4 PV (M)	168.81	175.30	181.98
Year 5 PV (M)	189.12	198.26	207.74
PV of Terminal Value (M)	5,474.52	5,738.94	6,013.48
Equity Value (M)	6,212.27	6,499.98	6,798.44
Shares Outstanding (M)	400.60	400.60	400.60
Fair Value	$15.51	$16.23	$16.97
Upside / Downside	-16.81%	-12.95%	-8.96%

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CWB Automotive Electronics Co., Ltd. (605005.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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