DDM Analysis: 688395.SS

Valuation Snapshot

Stable Growth	$71.63 - $84.42	$79.10
Multi-Stage	$45.79 - $50.33	$48.02
Blended Fair Value	$63.56
Current Price	$25.18
Upside	152.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.69%	2.93%	0.20	0.16	0.26	0.20	0.01	0.08	0.12	0.30	0.15	0.00
YoY Growth	-	-	25.11%	-37.50%	28.00%	3,143.96%	-91.78%	-35.48%	-61.25%	100.00%	0.00%	-100.00%
Dividend Yield	-	-	0.91%	0.93%	1.28%	0.94%	0.02%	0.21%	0.33%	0.85%	0.42%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	36.68
(-) Cash Dividends Paid (M)	13.01
(=) Cash Retained (M)	23.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.34	4.59	2.75
Cash Retained (M)	23.67	23.67	23.67
(-) Cash Required (M)	-7.34	-4.59	-2.75
(=) Excess Retained (M)	16.33	19.08	20.92
(/) Shares Outstanding (M)	84.77	84.77	84.77
(=) Excess Retained per Share	0.19	0.23	0.25
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.19	0.23	0.25
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	2.01%	2.01%	2.01%
Growth Rate	3.46%	4.46%	5.46%
Fair Value	$71.63	$79.10	$84.42
Upside / Downside	184.47%	214.15%	235.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36.68	38.32	40.03	41.82	43.68	45.63	47.00
Payout Ratio	35.48%	46.38%	57.29%	68.19%	79.10%	90.00%	92.50%
Projected Dividends (M)	13.01	17.77	22.93	28.52	34.55	41.07	43.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.01%	2.01%	2.01%
Growth Rate	3.46%	4.46%	5.46%
Year 1 PV (M)	17.26	17.42	17.59
Year 2 PV (M)	21.62	22.04	22.46
Year 3 PV (M)	26.10	26.86	27.64
Year 4 PV (M)	30.70	31.90	33.14
Year 5 PV (M)	35.43	37.17	38.99
PV of Terminal Value (M)	3,750.32	3,935.10	4,127.09
Equity Value (M)	3,881.42	4,070.49	4,266.90
Shares Outstanding (M)	84.77	84.77	84.77
Fair Value	$45.79	$48.02	$50.33
Upside / Downside	81.83%	90.69%	99.89%

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Shenzhen Sine Electric Co.,Ltd. (688395.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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