DDM Analysis: 603667.SS

Valuation Snapshot

Stable Growth	$4.90 - $10.96	$7.09
Multi-Stage	$3.81 - $4.14	$3.97
Blended Fair Value	$5.53
Current Price	$46.15
Upside	-88.02%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.31%	18.32%	0.27	0.16	0.16	0.13	0.13	0.12	0.14	0.08	0.02	0.07
YoY Growth	-	-	65.49%	-0.12%	26.95%	-0.36%	6.25%	-10.12%	66.67%	244.83%	-67.31%	43.33%
Dividend Yield	-	-	0.70%	0.86%	1.29%	1.05%	1.67%	1.52%	1.34%	0.48%	0.10%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	91.62
(-) Cash Dividends Paid (M)	76.57
(=) Cash Retained (M)	15.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.32	11.45	6.87
Cash Retained (M)	15.05	15.05	15.05
(-) Cash Required (M)	-18.32	-11.45	-6.87
(=) Excess Retained (M)	-3.27	3.60	8.18
(/) Shares Outstanding (M)	373.78	373.78	373.78
(=) Excess Retained per Share	-0.01	0.01	0.02
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	-0.01	0.01	0.02
(=) Adjusted Dividend	0.20	0.21	0.23
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.90	$7.09	$10.96
Upside / Downside	-89.39%	-84.64%	-76.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.62	97.58	103.92	110.67	117.87	125.53	129.29
Payout Ratio	83.57%	84.86%	86.14%	87.43%	88.71%	90.00%	92.50%
Projected Dividends (M)	76.57	82.80	89.52	96.76	104.56	112.97	119.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	74.75	75.46	76.17
Year 2 PV (M)	72.96	74.35	75.76
Year 3 PV (M)	71.20	73.25	75.33
Year 4 PV (M)	69.47	72.14	74.89
Year 5 PV (M)	67.76	71.04	74.44
PV of Terminal Value (M)	1,066.99	1,118.53	1,172.04
Equity Value (M)	1,423.15	1,484.77	1,548.62
Shares Outstanding (M)	373.78	373.78	373.78
Fair Value	$3.81	$3.97	$4.14
Upside / Downside	-91.75%	-91.39%	-91.02%

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Zhejiang XCC Group Co.,Ltd (603667.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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