DDM Analysis: 002203.SZ

Valuation Snapshot

Stable Growth	$23.17 - $70.25	$65.83
Multi-Stage	$9.64 - $10.54	$10.08
Blended Fair Value	$37.96
Current Price	$13.00
Upside	191.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.17%	18.48%	0.45	0.31	0.23	0.16	0.14	0.18	0.22	0.15	0.10	0.11
YoY Growth	-	-	46.59%	33.52%	39.56%	18.44%	-22.53%	-19.92%	49.05%	51.51%	-7.71%	30.26%
Dividend Yield	-	-	4.78%	3.17%	1.96%	1.56%	1.57%	1.98%	2.41%	1.73%	1.09%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	749.08
(-) Cash Dividends Paid (M)	391.64
(=) Cash Retained (M)	357.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.82	93.63	56.18
Cash Retained (M)	357.44	357.44	357.44
(-) Cash Required (M)	-149.82	-93.63	-56.18
(=) Excess Retained (M)	207.62	263.80	301.26
(/) Shares Outstanding (M)	2,120.69	2,120.69	2,120.69
(=) Excess Retained per Share	0.10	0.12	0.14
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.10	0.12	0.14
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.17	$65.83	$70.25
Upside / Downside	78.23%	406.40%	440.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	749.08	797.77	849.63	904.85	963.67	1,026.30	1,057.09
Payout Ratio	52.28%	59.83%	67.37%	74.91%	82.46%	90.00%	92.50%
Projected Dividends (M)	391.64	477.28	572.39	677.85	794.61	923.67	977.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	442.75	446.94	451.14
Year 2 PV (M)	492.57	501.95	511.42
Year 3 PV (M)	541.12	556.65	572.48
Year 4 PV (M)	588.43	611.06	634.34
Year 5 PV (M)	634.52	665.17	696.99
PV of Terminal Value (M)	17,739.03	18,595.83	19,485.42
Equity Value (M)	20,438.41	21,377.60	22,351.79
Shares Outstanding (M)	2,120.69	2,120.69	2,120.69
Fair Value	$9.64	$10.08	$10.54
Upside / Downside	-25.86%	-22.46%	-18.92%

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Zhe Jiang Hai Liang Co., Ltd (002203.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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