DDM Analysis: 002492.SZ

Valuation Snapshot

Stable Growth	$3.95 - $11.99	$6.28
Multi-Stage	$2.85 - $3.12	$2.98
Blended Fair Value	$4.63
Current Price	$7.20
Upside	-35.65%
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	17.58%	19.78%	0.15	0.11	0.06	0.05	0.06	0.07	0.08	0.07	0.05	0.05
YoY Growth	-	-	43.26%	71.03%	30.55%	-13.68%	-18.62%	-13.28%	15.45%	31.76%	11.00%	84.75%
Dividend Yield	-	-	3.02%	2.12%	0.96%	0.77%	1.07%	1.35%	1.21%	1.06%	1.00%	0.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62.21
(-) Cash Dividends Paid (M)	20.57
(=) Cash Retained (M)	41.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.44	7.78	4.67
Cash Retained (M)	41.65	41.65	41.65
(-) Cash Required (M)	-12.44	-7.78	-4.67
(=) Excess Retained (M)	29.20	33.87	36.98
(/) Shares Outstanding (M)	404.63	404.63	404.63
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	8.27%	8.27%	8.27%
Growth Rate	5.00%	6.00%	7.00%
Fair Value	$3.95	$6.28	$11.99
Upside / Downside	-45.14%	-12.73%	66.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62.21	65.95	69.90	74.10	78.54	83.25	85.75
Payout Ratio	33.06%	44.45%	55.83%	67.22%	78.61%	90.00%	92.50%
Projected Dividends (M)	20.57	29.31	39.03	49.81	61.74	74.93	79.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.27%	8.27%	8.27%
Growth Rate	5.00%	6.00%	7.00%
Year 1 PV (M)	26.82	27.07	27.33
Year 2 PV (M)	32.67	33.30	33.93
Year 3 PV (M)	38.15	39.25	40.37
Year 4 PV (M)	43.26	44.93	46.65
Year 5 PV (M)	48.03	50.36	52.79
PV of Terminal Value (M)	965.10	1,011.94	1,060.58
Equity Value (M)	1,154.03	1,206.85	1,261.64
Shares Outstanding (M)	404.63	404.63	404.63
Fair Value	$2.85	$2.98	$3.12
Upside / Downside	-60.39%	-58.57%	-56.69%

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Zhuhai Winbase International Chemical Tank Terminal Co.,Ltd (002492.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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