DDM Analysis: 603698.SS

Valuation Snapshot

Stable Growth	$61.77 - $72.77	$68.20
Multi-Stage	$45.41 - $49.81	$47.57
Blended Fair Value	$57.88
Current Price	$20.85
Upside	177.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-2.98%	0.27	0.10	0.09	0.10	0.09	0.00	0.11	0.09	0.17	0.05
YoY Growth	-	-	178.41%	11.41%	-12.49%	15.60%	0.00%	-100.00%	17.50%	-44.44%	242.86%	-86.88%
Dividend Yield	-	-	1.56%	0.73%	0.59%	0.74%	0.57%	0.00%	0.75%	0.64%	0.74%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	196.12
(-) Cash Dividends Paid (M)	156.34
(=) Cash Retained (M)	39.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.22	24.52	14.71
Cash Retained (M)	39.78	39.78	39.78
(-) Cash Required (M)	-39.22	-24.52	-14.71
(=) Excess Retained (M)	0.55	15.26	25.07
(/) Shares Outstanding (M)	535.99	535.99	535.99
(=) Excess Retained per Share	0.00	0.03	0.05
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.00	0.03	0.05
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	0.88%	0.88%	0.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$61.77	$68.20	$72.77
Upside / Downside	196.24%	227.08%	249.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	196.12	208.87	222.45	236.91	252.30	268.70	276.77
Payout Ratio	79.72%	81.77%	83.83%	85.89%	87.94%	90.00%	92.50%
Projected Dividends (M)	156.34	170.80	186.48	203.47	221.89	241.83	256.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.88%	0.88%	0.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	167.72	169.31	170.90
Year 2 PV (M)	179.80	183.23	186.69
Year 3 PV (M)	192.64	198.17	203.81
Year 4 PV (M)	206.28	214.22	222.38
Year 5 PV (M)	220.77	231.43	242.50
PV of Terminal Value (M)	23,370.88	24,499.70	25,671.72
Equity Value (M)	24,338.09	25,496.06	26,698.00
Shares Outstanding (M)	535.99	535.99	535.99
Fair Value	$45.41	$47.57	$49.81
Upside / Downside	117.78%	128.14%	138.90%

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Changzheng Engineering Co.,LTD (603698.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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