DDM Analysis: 002249.SZ

Valuation Snapshot

Stable Growth	$35.91 - $87.81	$82.29
Multi-Stage	$12.86 - $14.07	$13.45
Blended Fair Value	$47.87
Current Price	$11.52
Upside	315.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.53%	9.85%	0.19	0.16	0.17	0.19	0.01	0.04	0.16	0.11	0.12	0.18
YoY Growth	-	-	18.04%	-7.26%	-5.54%	1,268.45%	-65.23%	-74.93%	35.96%	-5.93%	-33.11%	142.55%
Dividend Yield	-	-	2.68%	3.13%	3.34%	3.05%	0.30%	1.17%	2.77%	1.78%	1.48%	1.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,061.55
(-) Cash Dividends Paid (M)	470.11
(=) Cash Retained (M)	591.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	212.31	132.69	79.62
Cash Retained (M)	591.44	591.44	591.44
(-) Cash Required (M)	-212.31	-132.69	-79.62
(=) Excess Retained (M)	379.13	458.74	511.82
(/) Shares Outstanding (M)	2,404.35	2,404.35	2,404.35
(=) Excess Retained per Share	0.16	0.19	0.21
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.16	0.19	0.21
(=) Adjusted Dividend	0.35	0.39	0.41
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.91	$82.29	$87.81
Upside / Downside	211.68%	614.29%	662.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,061.55	1,130.55	1,204.03	1,282.29	1,365.64	1,454.41	1,498.04
Payout Ratio	44.29%	53.43%	62.57%	71.71%	80.86%	90.00%	92.50%
Projected Dividends (M)	470.11	604.03	753.38	919.59	1,104.22	1,308.97	1,385.69

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)	561.64	566.96	572.29
Year 2 PV (M)	651.34	663.75	676.27
Year 3 PV (M)	739.25	760.47	782.09
Year 4 PV (M)	825.37	857.12	889.76
Year 5 PV (M)	909.75	953.70	999.32
PV of Terminal Value (M)	27,222.18	28,537.03	29,902.19
Equity Value (M)	30,909.55	32,339.02	33,821.93
Shares Outstanding (M)	2,404.35	2,404.35	2,404.35
Fair Value	$12.86	$13.45	$14.07
Upside / Downside	11.59%	16.76%	22.11%

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Zhongshan Broad-Ocean Motor Co., Ltd. (002249.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener