DDM Analysis: 603129.SS

Valuation Snapshot

Stable Growth	$289.92 - $822.59	$452.36
Multi-Stage	$196.63 - $214.77	$205.54
Blended Fair Value	$328.95
Current Price	$268.25
Upside	22.63%
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	49.06%	31.26%	2.06	1.38	0.81	0.72	0.34	0.28	0.26	0.00	0.02	0.11
YoY Growth	-	-	49.42%	69.94%	12.52%	110.80%	22.20%	6.67%	5,209.60%	-78.39%	-78.85%	-20.30%
Dividend Yield	-	-	1.10%	1.12%	0.64%	0.71%	0.27%	0.91%	1.11%	0.02%	0.12%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,805.82
(-) Cash Dividends Paid (M)	589.42
(=) Cash Retained (M)	1,216.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	361.16	225.73	135.44
Cash Retained (M)	1,216.39	1,216.39	1,216.39
(-) Cash Required (M)	-361.16	-225.73	-135.44
(=) Excess Retained (M)	855.23	990.67	1,080.96
(/) Shares Outstanding (M)	153.71	153.71	153.71
(=) Excess Retained per Share	5.56	6.45	7.03
LTM Dividend per Share	3.83	3.83	3.83
(+) Excess Retained per Share	5.56	6.45	7.03
(=) Adjusted Dividend	9.40	10.28	10.87
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$289.92	$452.36	$822.59
Upside / Downside	8.08%	68.64%	206.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,805.82	1,923.20	2,048.20	2,181.34	2,323.12	2,474.13	2,548.35
Payout Ratio	32.64%	44.11%	55.58%	67.06%	78.53%	90.00%	92.50%
Projected Dividends (M)	589.42	848.36	1,138.48	1,462.72	1,824.30	2,226.71	2,357.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	771.57	778.89	786.20
Year 2 PV (M)	941.70	959.64	977.74
Year 3 PV (M)	1,100.38	1,131.97	1,164.16
Year 4 PV (M)	1,248.17	1,296.17	1,345.55
Year 5 PV (M)	1,385.60	1,452.52	1,522.01
PV of Terminal Value (M)	24,776.32	25,973.02	27,215.53
Equity Value (M)	30,223.74	31,592.21	33,011.18
Shares Outstanding (M)	153.71	153.71	153.71
Fair Value	$196.63	$205.54	$214.77
Upside / Downside	-26.70%	-23.38%	-19.94%

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Zhejiang Cfmoto Power Co.,Ltd (603129.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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