DDM Analysis: 603338.SS

Valuation Snapshot

Stable Growth	$213.04 - $694.00	$650.38
Multi-Stage	$91.40 - $100.03	$95.64
Blended Fair Value	$373.01
Current Price	$53.62
Upside	595.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	44.91%	56.56%	1.32	0.61	0.43	0.31	0.27	0.21	0.16	0.06	0.01	0.03
YoY Growth	-	-	114.17%	42.37%	39.88%	13.21%	32.34%	30.32%	146.68%	342.67%	-50.55%	96.75%
Dividend Yield	-	-	2.23%	1.03%	0.79%	0.69%	0.28%	0.50%	0.37%	0.26%	0.07%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,762.91
(-) Cash Dividends Paid (M)	565.96
(=) Cash Retained (M)	1,196.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	352.58	220.36	132.22
Cash Retained (M)	1,196.95	1,196.95	1,196.95
(-) Cash Required (M)	-352.58	-220.36	-132.22
(=) Excess Retained (M)	844.36	976.58	1,064.73
(/) Shares Outstanding (M)	505.18	505.18	505.18
(=) Excess Retained per Share	1.67	1.93	2.11
LTM Dividend per Share	1.12	1.12	1.12
(+) Excess Retained per Share	1.67	1.93	2.11
(=) Adjusted Dividend	2.79	3.05	3.23
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$213.04	$650.38	$694.00
Upside / Downside	297.31%	1,112.94%	1,194.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,762.91	1,877.49	1,999.53	2,129.50	2,267.92	2,415.33	2,487.79
Payout Ratio	32.10%	43.68%	55.26%	66.84%	78.42%	90.00%	92.50%
Projected Dividends (M)	565.96	820.15	1,104.99	1,423.39	1,778.52	2,173.80	2,301.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	760.13	767.33	774.54
Year 2 PV (M)	949.18	967.26	985.51
Year 3 PV (M)	1,133.22	1,165.75	1,198.89
Year 4 PV (M)	1,312.33	1,362.80	1,414.71
Year 5 PV (M)	1,486.62	1,558.43	1,632.98
PV of Terminal Value (M)	40,534.46	42,492.29	44,525.05
Equity Value (M)	46,175.94	48,313.86	50,531.69
Shares Outstanding (M)	505.18	505.18	505.18
Fair Value	$91.40	$95.64	$100.03
Upside / Downside	70.47%	78.36%	86.55%

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Financial Statements

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Zhejiang Dingli Machinery Co.,Ltd (603338.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener