DDM Analysis: 603289.SS

Valuation Snapshot

Stable Growth	$26.06 - $70.04	$65.64
Multi-Stage	$10.22 - $11.18	$10.69
Blended Fair Value	$38.16
Current Price	$10.92
Upside	249.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.46%	10.72%	0.16	0.16	0.20	0.20	0.18	0.18	0.09	0.05	0.03	0.03
YoY Growth	-	-	0.13%	-20.87%	0.56%	10.84%	0.00%	101.21%	97.07%	48.89%	1.06%	-47.45%
Dividend Yield	-	-	1.81%	1.73%	1.84%	1.98%	2.31%	2.34%	0.74%	0.35%	0.35%	0.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.60
(-) Cash Dividends Paid (M)	46.83
(=) Cash Retained (M)	57.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.92	13.07	7.84
Cash Retained (M)	57.76	57.76	57.76
(-) Cash Required (M)	-20.92	-13.07	-7.84
(=) Excess Retained (M)	36.84	44.69	49.92
(/) Shares Outstanding (M)	296.72	296.72	296.72
(=) Excess Retained per Share	0.12	0.15	0.17
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.12	0.15	0.17
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.40%	6.40%	7.40%
Fair Value	$26.06	$65.64	$70.04
Upside / Downside	138.65%	501.06%	541.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.60	111.29	118.41	125.99	134.05	142.63	146.90
Payout Ratio	44.78%	53.82%	62.87%	71.91%	80.96%	90.00%	92.50%
Projected Dividends (M)	46.83	59.90	74.44	90.60	108.52	128.36	135.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.40%	6.40%	7.40%
Year 1 PV (M)	55.69	56.22	56.75
Year 2 PV (M)	64.35	65.58	66.82
Year 3 PV (M)	72.82	74.92	77.05
Year 4 PV (M)	81.11	84.23	87.44
Year 5 PV (M)	89.20	93.52	97.99
PV of Terminal Value (M)	2,668.04	2,797.03	2,930.97
Equity Value (M)	3,031.22	3,171.50	3,317.02
Shares Outstanding (M)	296.72	296.72	296.72
Fair Value	$10.22	$10.69	$11.18
Upside / Downside	-6.45%	-2.12%	2.37%

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Sector

Zhejiang Tederic Machinery Co., Ltd. (603289.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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