DDM Analysis: 000573.SZ

Valuation Snapshot

Stable Growth	$0.54 - $0.74	$0.64
Multi-Stage	$1.67 - $1.84	$1.76
Blended Fair Value	$1.20
Current Price	$4.15
Upside	-71.12%
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	3.74%	-7.73%	0.07	0.08	0.10	0.06	0.10	0.06	0.08	0.10	0.10	0.18
YoY Growth	-	-	-8.36%	-20.00%	66.67%	-40.97%	66.61%	-25.93%	-15.59%	-3.99%	-44.14%	11.03%
Dividend Yield	-	-	1.61%	2.76%	2.76%	1.37%	3.75%	2.24%	2.20%	2.08%	1.22%	2.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.25
(-) Cash Dividends Paid (M)	41.21
(=) Cash Retained (M)	24.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.05	8.16	4.89
Cash Retained (M)	24.04	24.04	24.04
(-) Cash Required (M)	-13.05	-8.16	-4.89
(=) Excess Retained (M)	10.99	15.88	19.15
(/) Shares Outstanding (M)	638.29	638.29	638.29
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.08	0.09	0.09
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-7.59%	-6.59%	-5.59%
Fair Value	$0.54	$0.64	$0.74
Upside / Downside	-87.01%	-84.53%	-82.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.25	60.95	56.93	53.18	49.68	46.40	47.79
Payout Ratio	63.16%	68.53%	73.90%	79.26%	84.63%	90.00%	92.50%
Projected Dividends (M)	41.21	41.77	42.07	42.15	42.04	41.76	44.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-7.59%	-6.59%	-5.59%
Year 1 PV (M)	38.83	39.25	39.67
Year 2 PV (M)	36.35	37.15	37.95
Year 3 PV (M)	33.86	34.97	36.11
Year 4 PV (M)	31.39	32.77	34.20
Year 5 PV (M)	28.99	30.59	32.26
PV of Terminal Value (M)	896.07	945.61	997.32
Equity Value (M)	1,065.49	1,120.34	1,177.50
Shares Outstanding (M)	638.29	638.29	638.29
Fair Value	$1.67	$1.76	$1.84
Upside / Downside	-59.78%	-57.71%	-55.55%

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Financial Statements

Fundamentals

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Ticker

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Sector

DongGuan Winnerway Industry Zone Ltd. (000573.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener