DDM Analysis: 605319.SS

Valuation Snapshot

Stable Growth	$133.36 - $326.08	$305.59
Multi-Stage	$47.54 - $52.03	$49.74
Blended Fair Value	$177.66
Current Price	$25.60
Upside	594.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	51.42%	0.00%	0.63	0.17	0.23	0.05	0.08	0.08	1.06	0.40	0.01	0.00
YoY Growth	-	-	268.57%	-26.86%	408.79%	-45.34%	6.20%	-92.51%	164.23%	3,943.76%	0.00%	0.00%
Dividend Yield	-	-	2.00%	0.70%	1.54%	0.32%	0.52%	0.49%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	445.92
(-) Cash Dividends Paid (M)	168.67
(=) Cash Retained (M)	277.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.18	55.74	33.44
Cash Retained (M)	277.25	277.25	277.25
(-) Cash Required (M)	-89.18	-55.74	-33.44
(=) Excess Retained (M)	188.07	221.51	243.81
(/) Shares Outstanding (M)	271.97	271.97	271.97
(=) Excess Retained per Share	0.69	0.81	0.90
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	0.69	0.81	0.90
(=) Adjusted Dividend	1.31	1.43	1.52
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$133.36	$305.59	$326.08
Upside / Downside	420.96%	1,093.70%	1,173.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	445.92	474.91	505.78	538.65	573.67	610.95	629.28
Payout Ratio	37.82%	48.26%	58.69%	69.13%	79.56%	90.00%	92.50%
Projected Dividends (M)	168.67	229.19	296.87	372.37	456.44	549.86	582.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	213.11	215.13	217.15
Year 2 PV (M)	256.66	261.55	266.48
Year 3 PV (M)	299.35	307.94	316.70
Year 4 PV (M)	341.18	354.30	367.79
Year 5 PV (M)	382.16	400.62	419.79
PV of Terminal Value (M)	11,435.96	11,988.32	12,561.82
Equity Value (M)	12,928.42	13,527.86	14,149.73
Shares Outstanding (M)	271.97	271.97	271.97
Fair Value	$47.54	$49.74	$52.03
Upside / Downside	85.69%	94.30%	103.23%

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Wuxi Zhenhua Auto Parts Co., Ltd. (605319.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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