DDM Analysis: 002687.SZ

Valuation Snapshot

Stable Growth	$1.89 - $3.59	$2.57
Multi-Stage	$1.57 - $1.72	$1.64
Blended Fair Value	$2.11
Current Price	$4.52
Upside	-53.34%
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	13.82%	7.36%	0.20	0.15	0.14	0.13	0.00	0.10	0.11	0.11	0.11	0.14
YoY Growth	-	-	31.73%	11.86%	1.84%	340,268.75%	-99.96%	-1.37%	0.00%	0.00%	-25.00%	44.00%
Dividend Yield	-	-	4.61%	2.60%	2.91%	3.13%	0.00%	2.93%	2.18%	2.22%	1.54%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.31
(-) Cash Dividends Paid (M)	10.81
(=) Cash Retained (M)	48.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.86	7.41	4.45
Cash Retained (M)	48.49	48.49	48.49
(-) Cash Required (M)	-11.86	-7.41	-4.45
(=) Excess Retained (M)	36.63	41.08	44.04
(/) Shares Outstanding (M)	500.58	500.58	500.58
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	4.73%	5.73%	6.73%
Fair Value	$1.89	$2.57	$3.59
Upside / Downside	-58.24%	-43.05%	-20.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.31	62.70	66.29	70.09	74.10	78.34	80.69
Payout Ratio	18.23%	32.59%	46.94%	61.29%	75.65%	90.00%	92.50%
Projected Dividends (M)	10.81	20.43	31.12	42.96	56.05	70.51	74.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	4.73%	5.73%	6.73%
Year 1 PV (M)	18.40	18.58	18.75
Year 2 PV (M)	25.24	25.73	26.21
Year 3 PV (M)	31.38	32.29	33.22
Year 4 PV (M)	36.88	38.31	39.78
Year 5 PV (M)	41.78	43.81	45.92
PV of Terminal Value (M)	633.35	664.17	696.18
Equity Value (M)	787.03	822.88	860.07
Shares Outstanding (M)	500.58	500.58	500.58
Fair Value	$1.57	$1.64	$1.72
Upside / Downside	-65.22%	-63.63%	-61.99%

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Zhejiang Giuseppe Garment Co., Ltd (002687.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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