DDM Analysis: 1471.HK

Valuation Snapshot

Stable Growth	$2.74 - $4.00	$3.35
Multi-Stage	$4.77 - $5.24	$5.00
Blended Fair Value	$4.17
Current Price	$13.83
Upside	-69.82%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50.13
(-) Cash Dividends Paid (M)	18.98
(=) Cash Retained (M)	31.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.03	6.27	3.76
Cash Retained (M)	31.15	31.15	31.15
(-) Cash Required (M)	-10.03	-6.27	-3.76
(=) Excess Retained (M)	21.12	24.88	27.39
(/) Shares Outstanding (M)	137.76	137.76	137.76
(=) Excess Retained per Share	0.15	0.18	0.20
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.15	0.18	0.20
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.74	$3.35	$4.00
Upside / Downside	-80.20%	-75.80%	-71.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.13	49.63	49.13	48.64	48.16	47.68	49.11
Payout Ratio	37.87%	48.29%	58.72%	69.15%	79.57%	90.00%	92.50%
Projected Dividends (M)	18.98	23.97	28.85	33.64	38.32	42.91	45.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21.88	22.11	22.33
Year 2 PV (M)	24.05	24.55	25.04
Year 3 PV (M)	25.60	26.39	27.20
Year 4 PV (M)	26.63	27.73	28.87
Year 5 PV (M)	27.22	28.64	30.12
PV of Terminal Value (M)	531.81	559.50	588.33
Equity Value (M)	657.20	688.92	721.90
Shares Outstanding (M)	137.76	137.76	137.76
Fair Value	$4.77	$5.00	$5.24
Upside / Downside	-65.51%	-63.84%	-62.11%

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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Zhongmiao (1471.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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