DDM Analysis: 605088.SS

Valuation Snapshot

Stable Growth	$124.28 - $303.86	$284.76
Multi-Stage	$44.42 - $48.61	$46.48
Blended Fair Value	$165.62
Current Price	$40.00
Upside	314.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	57.92%	30.71%	0.63	0.42	0.25	0.17	0.25	0.06	0.07	0.14	0.18	0.07
YoY Growth	-	-	48.36%	68.13%	47.72%	-32.48%	294.79%	-5.45%	-50.71%	-24.61%	160.80%	61.79%
Dividend Yield	-	-	1.67%	1.80%	1.30%	1.27%	1.45%	0.28%	0.30%	0.61%	0.81%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	302.20
(-) Cash Dividends Paid (M)	127.05
(=) Cash Retained (M)	175.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.44	37.78	22.67
Cash Retained (M)	175.15	175.15	175.15
(-) Cash Required (M)	-60.44	-37.78	-22.67
(=) Excess Retained (M)	114.71	137.37	152.48
(/) Shares Outstanding (M)	197.79	197.79	197.79
(=) Excess Retained per Share	0.58	0.69	0.77
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	0.58	0.69	0.77
(=) Adjusted Dividend	1.22	1.34	1.41
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$124.28	$284.76	$303.86
Upside / Downside	210.70%	611.90%	659.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	302.20	321.84	342.76	365.04	388.77	414.04	426.46
Payout Ratio	42.04%	51.63%	61.23%	70.82%	80.41%	90.00%	92.50%
Projected Dividends (M)	127.05	166.18	209.86	258.51	312.60	372.64	394.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	154.52	155.98	157.45
Year 2 PV (M)	181.44	184.89	188.38
Year 3 PV (M)	207.82	213.78	219.86
Year 4 PV (M)	233.67	242.65	251.89
Year 5 PV (M)	258.99	271.50	284.49
PV of Terminal Value (M)	7,750.20	8,124.53	8,513.20
Equity Value (M)	8,786.62	9,193.34	9,615.27
Shares Outstanding (M)	197.79	197.79	197.79
Fair Value	$44.42	$46.48	$48.61
Upside / Downside	11.06%	16.20%	21.53%

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GSP Automotive Group Wenzhou Co.,Ltd. (605088.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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