DDM Analysis: 605333.SS

Valuation Snapshot

Stable Growth	$100.59 - $292.81	$274.40
Multi-Stage	$41.95 - $45.94	$43.91
Blended Fair Value	$159.15
Current Price	$37.62
Upside	323.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.30%	0.00%	0.16	0.13	0.10	0.13	0.06	0.11	0.04	0.05	0.05	0.06
YoY Growth	-	-	29.83%	24.03%	-19.08%	126.31%	-51.76%	177.28%	-24.02%	9.17%	-14.24%	0.00%
Dividend Yield	-	-	0.51%	0.50%	0.54%	0.65%	0.37%	1.50%	0.54%	0.71%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	656.73
(-) Cash Dividends Paid (M)	148.80
(=) Cash Retained (M)	507.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	131.35	82.09	49.26
Cash Retained (M)	507.93	507.93	507.93
(-) Cash Required (M)	-131.35	-82.09	-49.26
(=) Excess Retained (M)	376.59	425.84	458.68
(/) Shares Outstanding (M)	445.24	445.24	445.24
(=) Excess Retained per Share	0.85	0.96	1.03
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.85	0.96	1.03
(=) Adjusted Dividend	1.18	1.29	1.36
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.30%	6.30%	7.30%
Fair Value	$100.59	$274.40	$292.81
Upside / Downside	167.37%	629.39%	678.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	656.73	698.12	742.12	788.89	838.60	891.45	918.20
Payout Ratio	22.66%	36.13%	49.59%	63.06%	76.53%	90.00%	92.50%
Projected Dividends (M)	148.80	252.20	368.05	497.50	641.80	802.31	849.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.30%	6.30%	7.30%
Year 1 PV (M)	234.50	236.73	238.96
Year 2 PV (M)	318.20	324.27	330.40
Year 3 PV (M)	399.92	411.42	423.14
Year 4 PV (M)	479.70	498.18	517.19
Year 5 PV (M)	557.58	584.56	612.58
PV of Terminal Value (M)	16,686.36	17,493.86	18,332.32
Equity Value (M)	18,676.25	19,549.02	20,454.59
Shares Outstanding (M)	445.24	445.24	445.24
Fair Value	$41.95	$43.91	$45.94
Upside / Downside	11.50%	16.71%	22.12%

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Kunshan Huguang Auto Harness Co.,Ltd. (605333.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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