DDM Analysis: 001256.SZ

Valuation Snapshot

Stable Growth	$104.44 - $123.10	$115.34
Multi-Stage	$66.99 - $73.67	$70.27
Blended Fair Value	$92.80
Current Price	$22.36
Upside	315.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	14.81%	0.00%	0.20	0.17	0.07	0.01	1.63	0.10	0.10	0.00	0.00	0.00
YoY Growth	-	-	16.90%	126.67%	484.48%	-99.22%	1,554.20%	2.11%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.69%	1.11%	0.38%	0.06%	8.31%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	91.16
(-) Cash Dividends Paid (M)	28.74
(=) Cash Retained (M)	62.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.23	11.39	6.84
Cash Retained (M)	62.42	62.42	62.42
(-) Cash Required (M)	-18.23	-11.39	-6.84
(=) Excess Retained (M)	44.19	51.03	55.58
(/) Shares Outstanding (M)	143.93	143.93	143.93
(=) Excess Retained per Share	0.31	0.35	0.39
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.31	0.35	0.39
(=) Adjusted Dividend	0.51	0.55	0.59
WACC / Discount Rate	1.61%	1.61%	1.61%
Growth Rate	3.07%	4.07%	5.07%
Fair Value	$104.44	$115.34	$123.10
Upside / Downside	367.08%	415.83%	450.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.16	94.86	98.72	102.74	106.92	111.26	114.60
Payout Ratio	31.52%	43.22%	54.91%	66.61%	78.30%	90.00%	92.50%
Projected Dividends (M)	28.74	41.00	54.21	68.43	83.72	100.14	106.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.61%	1.61%	1.61%
Growth Rate	3.07%	4.07%	5.07%
Year 1 PV (M)	39.96	40.35	40.73
Year 2 PV (M)	51.50	52.50	53.52
Year 3 PV (M)	63.36	65.22	67.12
Year 4 PV (M)	75.55	78.52	81.59
Year 5 PV (M)	88.08	92.43	96.96
PV of Terminal Value (M)	9,323.75	9,784.92	10,264.17
Equity Value (M)	9,642.19	10,113.95	10,604.09
Shares Outstanding (M)	143.93	143.93	143.93
Fair Value	$66.99	$70.27	$73.67
Upside / Downside	199.60%	214.26%	229.49%

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Zhejiang Weigang Technology Co., Ltd. (001256.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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