DDM Analysis: 603338.SS

Valuation Snapshot

Stable Growth	$212.97 - $694.00	$650.38
Multi-Stage	$91.39 - $100.02	$95.63
Blended Fair Value	$373.00
Current Price	$53.62
Upside	595.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	44.91%	56.56%	1.32	0.61	0.43	0.31	0.27	0.21	0.16	0.06	0.01	0.03
YoY Growth	-	-	114.17%	42.37%	39.88%	13.21%	32.34%	30.32%	146.68%	342.67%	-50.55%	96.75%
Dividend Yield	-	-	2.23%	1.03%	0.79%	0.69%	0.28%	0.50%	0.37%	0.26%	0.07%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,762.91
(-) Cash Dividends Paid (M)	565.96
(=) Cash Retained (M)	1,196.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	352.58	220.36	132.22
Cash Retained (M)	1,196.95	1,196.95	1,196.95
(-) Cash Required (M)	-352.58	-220.36	-132.22
(=) Excess Retained (M)	844.36	976.58	1,064.73
(/) Shares Outstanding (M)	505.18	505.18	505.18
(=) Excess Retained per Share	1.67	1.93	2.11
LTM Dividend per Share	1.12	1.12	1.12
(+) Excess Retained per Share	1.67	1.93	2.11
(=) Adjusted Dividend	2.79	3.05	3.23
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$212.97	$650.38	$694.00
Upside / Downside	297.19%	1,112.94%	1,194.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,762.91	1,877.49	1,999.53	2,129.50	2,267.92	2,415.33	2,487.79
Payout Ratio	32.10%	43.68%	55.26%	66.84%	78.42%	90.00%	92.50%
Projected Dividends (M)	565.96	820.15	1,104.99	1,423.39	1,778.52	2,173.80	2,301.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	760.13	767.33	774.54
Year 2 PV (M)	949.17	967.25	985.50
Year 3 PV (M)	1,133.20	1,165.73	1,198.88
Year 4 PV (M)	1,312.31	1,362.78	1,414.69
Year 5 PV (M)	1,486.59	1,558.40	1,632.95
PV of Terminal Value (M)	40,529.46	42,487.05	44,519.56
Equity Value (M)	46,170.87	48,308.54	50,526.12
Shares Outstanding (M)	505.18	505.18	505.18
Fair Value	$91.39	$95.63	$100.02
Upside / Downside	70.45%	78.34%	86.53%

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Zhejiang Dingli Machinery Co.,Ltd (603338.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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