DDM Analysis: 002203.SZ

Valuation Snapshot

Stable Growth	$18.25 - $70.25	$51.94
Multi-Stage	$8.80 - $9.62	$9.20
Blended Fair Value	$30.57
Current Price	$13.00
Upside	135.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.17%	18.48%	0.45	0.31	0.23	0.16	0.14	0.18	0.22	0.15	0.10	0.11
YoY Growth	-	-	46.59%	33.52%	39.56%	18.44%	-22.53%	-19.92%	49.05%	51.51%	-7.71%	30.26%
Dividend Yield	-	-	4.78%	3.17%	1.96%	1.56%	1.57%	1.98%	2.41%	1.73%	1.09%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	749.08
(-) Cash Dividends Paid (M)	391.64
(=) Cash Retained (M)	357.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.82	93.63	56.18
Cash Retained (M)	357.44	357.44	357.44
(-) Cash Required (M)	-149.82	-93.63	-56.18
(=) Excess Retained (M)	207.62	263.80	301.26
(/) Shares Outstanding (M)	2,120.69	2,120.69	2,120.69
(=) Excess Retained per Share	0.10	0.12	0.14
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.10	0.12	0.14
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.25	$51.94	$70.25
Upside / Downside	40.37%	299.54%	440.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	749.08	797.77	849.63	904.85	963.67	1,026.30	1,057.09
Payout Ratio	52.28%	59.83%	67.37%	74.91%	82.46%	90.00%	92.50%
Projected Dividends (M)	391.64	477.28	572.39	677.85	794.61	923.67	977.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	441.31	445.50	449.68
Year 2 PV (M)	489.38	498.70	508.11
Year 3 PV (M)	535.88	551.26	566.93
Year 4 PV (M)	580.84	603.18	626.16
Year 5 PV (M)	624.31	654.47	685.78
PV of Terminal Value (M)	15,988.09	16,760.33	17,562.11
Equity Value (M)	18,659.82	19,513.43	20,398.77
Shares Outstanding (M)	2,120.69	2,120.69	2,120.69
Fair Value	$8.80	$9.20	$9.62
Upside / Downside	-32.32%	-29.22%	-26.01%

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Zhe Jiang Hai Liang Co., Ltd (002203.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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