DDM Analysis: 603048.SS

Valuation Snapshot

Stable Growth	$2.74 - $3.89	$3.31
Multi-Stage	$4.12 - $4.53	$4.32
Blended Fair Value	$3.82
Current Price	$20.39
Upside	-81.28%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-17.17%	0.00%	0.43	0.23	0.24	0.20	0.16	1.09	0.10	0.30	0.00	0.00
YoY Growth	-	-	83.57%	-2.00%	19.62%	26.71%	-85.70%	1,031.20%	-68.04%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.41%	1.46%	1.39%	0.97%	0.62%	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)	61.28
(-) Cash Dividends Paid (M)	10.51
(=) Cash Retained (M)	50.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.26	7.66	4.60
Cash Retained (M)	50.78	50.78	50.78
(-) Cash Required (M)	-12.26	-7.66	-4.60
(=) Excess Retained (M)	38.52	43.12	46.18
(/) Shares Outstanding (M)	148.19	148.19	148.19
(=) Excess Retained per Share	0.26	0.29	0.31
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.26	0.29	0.31
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.74	$3.31	$3.89
Upside / Downside	-86.55%	-83.77%	-80.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	61.28	60.67	60.07	59.46	58.87	58.28	60.03
Payout Ratio	17.14%	31.71%	46.29%	60.86%	75.43%	90.00%	92.50%
Projected Dividends (M)	10.51	19.24	27.80	36.19	44.40	52.45	55.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	17.34	17.52	17.70
Year 2 PV (M)	22.59	23.05	23.52
Year 3 PV (M)	26.50	27.32	28.16
Year 4 PV (M)	29.31	30.53	31.78
Year 5 PV (M)	31.21	32.83	34.53
PV of Terminal Value (M)	484.28	509.49	535.75
Equity Value (M)	611.23	640.75	671.43
Shares Outstanding (M)	148.19	148.19	148.19
Fair Value	$4.12	$4.32	$4.53
Upside / Downside	-79.77%	-78.79%	-77.78%

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Zhejiang Liming Intelligent Manufacturing Co.,Ltd. (603048.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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