DDM Analysis: 688698.SS

Valuation Snapshot

Stable Growth	$207.46 - $244.42	$229.06
Multi-Stage	$147.96 - $162.38	$155.03
Blended Fair Value	$192.04
Current Price	$95.35
Upside	101.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	101.56%	0.00%	0.42	0.21	0.15	0.10	0.04	0.01	0.13	0.02	0.00	0.00
YoY Growth	-	-	97.31%	41.90%	43.69%	133.55%	254.03%	-90.53%	591.89%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.79%	0.77%	0.63%	0.56%	0.26%	0.06%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	259.20
(-) Cash Dividends Paid (M)	86.85
(=) Cash Retained (M)	172.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.84	32.40	19.44
Cash Retained (M)	172.35	172.35	172.35
(-) Cash Required (M)	-51.84	-32.40	-19.44
(=) Excess Retained (M)	120.51	139.95	152.91
(/) Shares Outstanding (M)	210.90	210.90	210.90
(=) Excess Retained per Share	0.57	0.66	0.73
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.57	0.66	0.73
(=) Adjusted Dividend	0.98	1.08	1.14
WACC / Discount Rate	1.34%	1.34%	1.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$207.46	$229.06	$244.42
Upside / Downside	117.57%	140.23%	156.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	259.20	276.05	293.99	313.10	333.45	355.13	365.78
Payout Ratio	33.51%	44.81%	56.10%	67.40%	78.70%	90.00%	92.50%
Projected Dividends (M)	86.85	123.68	164.94	211.04	262.43	319.62	338.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.34%	1.34%	1.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	120.91	122.05	123.20
Year 2 PV (M)	157.62	160.62	163.65
Year 3 PV (M)	197.15	202.81	208.57
Year 4 PV (M)	239.66	248.87	258.35
Year 5 PV (M)	285.33	299.11	313.42
PV of Terminal Value (M)	30,204.99	31,663.90	33,178.65
Equity Value (M)	31,205.65	32,697.37	34,245.85
Shares Outstanding (M)	210.90	210.90	210.90
Fair Value	$147.96	$155.03	$162.38
Upside / Downside	55.18%	62.59%	70.29%

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Suzhou Veichi Electric Co., Ltd. (688698.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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