DDM Analysis: 002284.SZ

Valuation Snapshot

Stable Growth	$10.96 - $26.17	$16.21
Multi-Stage	$9.66 - $10.58	$10.11
Blended Fair Value	$13.16
Current Price	$13.04
Upside	0.92%
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	33.39%	5.38%	0.11	0.11	0.15	0.04	0.03	0.03	0.13	0.13	0.12	0.07
YoY Growth	-	-	-5.68%	-24.02%	257.18%	54.16%	7.03%	-81.02%	1.85%	7.86%	69.23%	13.29%
Dividend Yield	-	-	1.09%	1.45%	1.85%	0.55%	0.53%	0.54%	2.30%	1.68%	0.87%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	384.31
(-) Cash Dividends Paid (M)	47.07
(=) Cash Retained (M)	337.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	76.86	48.04	28.82
Cash Retained (M)	337.24	337.24	337.24
(-) Cash Required (M)	-76.86	-48.04	-28.82
(=) Excess Retained (M)	260.37	289.20	308.41
(/) Shares Outstanding (M)	738.49	738.49	738.49
(=) Excess Retained per Share	0.35	0.39	0.42
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.35	0.39	0.42
(=) Adjusted Dividend	0.42	0.46	0.48
WACC / Discount Rate	7.95%	7.95%	7.95%
Growth Rate	4.00%	5.00%	6.00%
Fair Value	$10.96	$16.21	$26.17
Upside / Downside	-15.94%	24.30%	100.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	384.31	403.52	423.70	444.89	467.14	490.50	505.22
Payout Ratio	12.25%	27.80%	43.35%	58.90%	74.45%	90.00%	92.50%
Projected Dividends (M)	47.07	112.17	183.67	262.04	347.78	441.45	467.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.95%	7.95%	7.95%
Growth Rate	4.00%	5.00%	6.00%
Year 1 PV (M)	102.92	103.91	104.90
Year 2 PV (M)	154.62	157.61	160.63
Year 3 PV (M)	202.41	208.30	214.31
Year 4 PV (M)	246.48	256.10	266.00
Year 5 PV (M)	287.06	301.13	315.75
PV of Terminal Value (M)	6,138.53	6,439.38	6,751.91
Equity Value (M)	7,132.03	7,466.44	7,813.50
Shares Outstanding (M)	738.49	738.49	738.49
Fair Value	$9.66	$10.11	$10.58
Upside / Downside	-25.94%	-22.47%	-18.86%

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Zhejiang Asia-Pacific Mechanical & Electronic Co.,Ltd (002284.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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