DDM Analysis: 002203.SZ

Valuation Snapshot

Stable Growth	$6.51 - $13.63	$9.20
Multi-Stage	$5.00 - $5.45	$5.22
Blended Fair Value	$7.21
Current Price	$13.00
Upside	-44.52%
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	20.17%	18.48%	0.45	0.31	0.23	0.16	0.14	0.18	0.22	0.15	0.10	0.11
YoY Growth	-	-	46.59%	33.52%	39.56%	18.44%	-22.53%	-19.92%	49.05%	51.51%	-7.71%	30.26%
Dividend Yield	-	-	4.78%	3.17%	1.96%	1.56%	1.57%	1.98%	2.41%	1.73%	1.09%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	749.08
(-) Cash Dividends Paid (M)	391.64
(=) Cash Retained (M)	357.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.82	93.63	56.18
Cash Retained (M)	357.44	357.44	357.44
(-) Cash Required (M)	-149.82	-93.63	-56.18
(=) Excess Retained (M)	207.62	263.80	301.26
(/) Shares Outstanding (M)	2,120.69	2,120.69	2,120.69
(=) Excess Retained per Share	0.10	0.12	0.14
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.10	0.12	0.14
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.51	$9.20	$13.63
Upside / Downside	-49.90%	-29.22%	4.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	749.08	797.77	849.63	904.85	963.67	1,026.30	1,057.09
Payout Ratio	52.28%	59.83%	67.37%	74.91%	82.46%	90.00%	92.50%
Projected Dividends (M)	391.64	477.28	572.39	677.85	794.61	923.67	977.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	429.51	433.58	437.65
Year 2 PV (M)	463.56	472.39	481.30
Year 3 PV (M)	494.03	508.21	522.66
Year 4 PV (M)	521.16	541.21	561.82
Year 5 PV (M)	545.19	571.52	598.86
PV of Terminal Value (M)	8,154.99	8,548.87	8,957.84
Equity Value (M)	10,608.43	11,075.78	11,560.14
Shares Outstanding (M)	2,120.69	2,120.69	2,120.69
Fair Value	$5.00	$5.22	$5.45
Upside / Downside	-61.52%	-59.83%	-58.07%

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Zhe Jiang Hai Liang Co., Ltd (002203.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener