DDM Analysis: 001319.SZ

Valuation Snapshot

Stable Growth	$15.25 - $29.65	$20.97
Multi-Stage	$22.67 - $24.89	$23.76
Blended Fair Value	$22.36
Current Price	$26.80
Upside	-16.56%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	18.15%	0.00%	0.38	0.24	0.35	0.33	0.24	0.17	0.80	0.00	0.00	0.00
YoY Growth	-	-	58.45%	-31.02%	6.25%	37.66%	44.01%	-79.25%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.43%	1.19%	1.61%	1.54%	1.12%	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)	134.83
(-) Cash Dividends Paid (M)	56.84
(=) Cash Retained (M)	78.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.97	16.85	10.11
Cash Retained (M)	78.00	78.00	78.00
(-) Cash Required (M)	-26.97	-16.85	-10.11
(=) Excess Retained (M)	51.03	61.14	67.89
(/) Shares Outstanding (M)	141.42	141.42	141.42
(=) Excess Retained per Share	0.36	0.43	0.48
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.36	0.43	0.48
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	1.52%	2.52%	3.52%
Fair Value	$15.25	$20.97	$29.65
Upside / Downside	-43.12%	-21.77%	10.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	134.83	138.23	141.71	145.28	148.93	152.68	157.26
Payout Ratio	42.15%	51.72%	61.29%	70.86%	80.43%	90.00%	92.50%
Projected Dividends (M)	56.84	71.49	86.85	102.94	119.79	137.41	145.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	1.52%	2.52%	3.52%
Year 1 PV (M)	66.42	67.07	67.72
Year 2 PV (M)	74.95	76.44	77.94
Year 3 PV (M)	82.53	84.99	87.50
Year 4 PV (M)	89.21	92.78	96.45
Year 5 PV (M)	95.07	99.84	104.81
PV of Terminal Value (M)	2,798.15	2,938.70	3,084.86
Equity Value (M)	3,206.32	3,359.82	3,519.27
Shares Outstanding (M)	141.42	141.42	141.42
Fair Value	$22.67	$23.76	$24.89
Upside / Downside	-15.40%	-11.35%	-7.14%

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Winstech Precision Holding Co., Ltd. (001319.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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