DDM Analysis: 603181.SS

Valuation Snapshot

Stable Growth	$67.37 - $156.53	$146.70
Multi-Stage	$23.04 - $25.23	$24.12
Blended Fair Value	$85.41
Current Price	$18.87
Upside	352.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.70%	11.41%	0.17	0.03	0.14	0.02	0.15	0.11	0.09	0.03	0.05	0.06
YoY Growth	-	-	501.05%	-78.58%	502.52%	-85.20%	44.75%	22.14%	169.02%	-32.91%	-20.84%	1.56%
Dividend Yield	-	-	1.35%	0.29%	1.05%	0.16%	1.21%	1.57%	1.05%	0.43%	0.94%	1.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	449.60
(-) Cash Dividends Paid (M)	132.75
(=) Cash Retained (M)	316.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.92	56.20	33.72
Cash Retained (M)	316.86	316.86	316.86
(-) Cash Required (M)	-89.92	-56.20	-33.72
(=) Excess Retained (M)	226.94	260.66	283.14
(/) Shares Outstanding (M)	571.21	571.21	571.21
(=) Excess Retained per Share	0.40	0.46	0.50
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.40	0.46	0.50
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$67.37	$146.70	$156.53
Upside / Downside	257.01%	677.40%	729.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	449.60	478.83	509.95	543.10	578.40	616.00	634.48
Payout Ratio	29.53%	41.62%	53.72%	65.81%	77.91%	90.00%	92.50%
Projected Dividends (M)	132.75	199.29	273.92	357.41	450.60	554.40	586.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	185.39	187.15	188.91
Year 2 PV (M)	237.05	241.57	246.13
Year 3 PV (M)	287.74	296.00	304.42
Year 4 PV (M)	337.47	350.45	363.80
Year 5 PV (M)	386.25	404.91	424.28
PV of Terminal Value (M)	11,729.14	12,295.67	12,883.87
Equity Value (M)	13,163.05	13,775.74	14,411.39
Shares Outstanding (M)	571.21	571.21	571.21
Fair Value	$23.04	$24.12	$25.23
Upside / Downside	22.12%	27.80%	33.70%

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Zhejiang Huangma Technology Co.,Ltd (603181.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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