DDM Analysis: 600986.SS

Valuation Snapshot

Stable Growth	$3.45 - $16.09	$7.72
Multi-Stage	$5.08 - $5.58	$5.32
Blended Fair Value	$6.52
Current Price	$8.24
Upside	-20.87%
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	14.30%	4.55%	0.07	0.02	0.03	0.03	0.02	0.04	0.06	0.05	0.05	0.05
YoY Growth	-	-	222.93%	-18.33%	10.06%	30.85%	-48.64%	-39.61%	31.76%	-0.13%	-11.83%	14.17%
Dividend Yield	-	-	0.83%	0.43%	0.42%	0.40%	0.48%	1.07%	1.05%	0.58%	0.41%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	126.75
(-) Cash Dividends Paid (M)	117.60
(=) Cash Retained (M)	9.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.35	15.84	9.51
Cash Retained (M)	9.15	9.15	9.15
(-) Cash Required (M)	-25.35	-15.84	-9.51
(=) Excess Retained (M)	-16.20	-6.69	-0.35
(/) Shares Outstanding (M)	1,523.56	1,523.56	1,523.56
(=) Excess Retained per Share	-0.01	0.00	0.00
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	-0.01	0.00	0.00
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	4.53%	4.53%	4.53%
Growth Rate	2.55%	3.55%	4.55%
Fair Value	$3.45	$7.72	$16.09
Upside / Downside	-58.10%	-6.35%	95.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	126.75	131.25	135.91	140.73	145.72	150.90	155.42
Payout Ratio	92.78%	92.22%	91.67%	91.11%	90.56%	90.00%	92.50%
Projected Dividends (M)	117.60	121.04	124.58	128.22	131.96	135.81	143.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.53%	4.53%	4.53%
Growth Rate	2.55%	3.55%	4.55%
Year 1 PV (M)	114.68	115.80	116.92
Year 2 PV (M)	111.83	114.03	116.24
Year 3 PV (M)	109.05	112.28	115.56
Year 4 PV (M)	106.34	110.55	114.88
Year 5 PV (M)	103.69	108.84	114.20
PV of Terminal Value (M)	7,192.67	7,550.27	7,921.95
Equity Value (M)	7,738.27	8,111.76	8,499.75
Shares Outstanding (M)	1,523.56	1,523.56	1,523.56
Fair Value	$5.08	$5.32	$5.58
Upside / Downside	-38.36%	-35.39%	-32.30%

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Zhewen Interactive Group Co., Ltd. (600986.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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