DDM Analysis: 603311.SS

Valuation Snapshot

Stable Growth	$2.43 - $3.41	$2.92
Multi-Stage	$4.05 - $4.44	$4.24
Blended Fair Value	$3.58
Current Price	$11.31
Upside	-68.36%
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	-9.90%	-0.94%	0.10	0.15	0.14	0.21	0.18	0.17	0.16	0.11	0.06	0.08
YoY Growth	-	-	-33.96%	8.28%	-32.51%	17.07%	5.09%	4.21%	47.22%	69.26%	-19.55%	-26.64%
Dividend Yield	-	-	1.00%	1.69%	1.04%	1.84%	1.54%	1.48%	1.35%	0.76%	0.26%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90.72
(-) Cash Dividends Paid (M)	34.39
(=) Cash Retained (M)	56.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.14	11.34	6.80
Cash Retained (M)	56.33	56.33	56.33
(-) Cash Required (M)	-18.14	-11.34	-6.80
(=) Excess Retained (M)	38.19	44.99	49.53
(/) Shares Outstanding (M)	234.38	234.38	234.38
(=) Excess Retained per Share	0.16	0.19	0.21
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.16	0.19	0.21
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	-2.94%	-1.94%	-0.94%
Fair Value	$2.43	$2.92	$3.41
Upside / Downside	-78.55%	-74.22%	-69.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90.72	88.97	87.24	85.55	83.89	82.27	84.73
Payout Ratio	37.91%	48.32%	58.74%	69.16%	79.58%	90.00%	92.50%
Projected Dividends (M)	34.39	42.99	51.25	59.17	66.76	74.04	78.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	-2.94%	-1.94%	-0.94%
Year 1 PV (M)	38.88	39.28	39.68
Year 2 PV (M)	41.91	42.78	43.66
Year 3 PV (M)	43.76	45.12	46.52
Year 4 PV (M)	44.65	46.52	48.45
Year 5 PV (M)	44.78	47.13	49.59
PV of Terminal Value (M)	734.61	773.24	813.48
Equity Value (M)	948.59	994.08	1,041.37
Shares Outstanding (M)	234.38	234.38	234.38
Fair Value	$4.05	$4.24	$4.44
Upside / Downside	-64.22%	-62.50%	-60.72%

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Zhejiang Goldensea Hi-Tech Co., Ltd (603311.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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