DDM Analysis: 603601.SS

Valuation Snapshot

Stable Growth	$0.77 - $1.19	$0.96
Multi-Stage	$0.98 - $1.07	$1.03
Blended Fair Value	$1.00
Current Price	$5.01
Upside	-80.14%
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	-0.14%	29.00%	0.09	0.06	0.08	0.15	0.08	0.09	0.08	0.01	0.09	0.01
YoY Growth	-	-	51.56%	-23.37%	-47.64%	86.37%	-12.39%	21.94%	985.80%	-92.10%	505.03%	103.19%
Dividend Yield	-	-	2.61%	1.73%	1.51%	2.31%	1.01%	1.22%	1.45%	0.13%	1.34%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.13
(-) Cash Dividends Paid (M)	37.87
(=) Cash Retained (M)	43.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.23	10.14	6.08
Cash Retained (M)	43.26	43.26	43.26
(-) Cash Required (M)	-16.23	-10.14	-6.08
(=) Excess Retained (M)	27.03	33.12	37.17
(/) Shares Outstanding (M)	1,023.79	1,023.79	1,023.79
(=) Excess Retained per Share	0.03	0.03	0.04
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.03	0.03	0.04
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	1.34%	2.34%	3.34%
Fair Value	$0.77	$0.96	$1.19
Upside / Downside	-84.67%	-80.77%	-76.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.13	83.03	84.97	86.96	88.99	91.08	93.81
Payout Ratio	46.68%	55.34%	64.01%	72.67%	81.34%	90.00%	92.50%
Projected Dividends (M)	37.87	45.95	54.39	63.20	72.38	81.97	86.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	1.34%	2.34%	3.34%
Year 1 PV (M)	41.48	41.89	42.30
Year 2 PV (M)	44.31	45.19	46.08
Year 3 PV (M)	46.48	47.87	49.28
Year 4 PV (M)	48.05	49.98	51.96
Year 5 PV (M)	49.12	51.59	54.16
PV of Terminal Value (M)	775.63	814.66	855.25
Equity Value (M)	1,005.07	1,051.17	1,099.03
Shares Outstanding (M)	1,023.79	1,023.79	1,023.79
Fair Value	$0.98	$1.03	$1.07
Upside / Downside	-80.40%	-79.51%	-78.57%

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Chongqing Zaisheng Technology Co., Ltd. (603601.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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