DDM Analysis: 002602.SZ

Valuation Snapshot

Stable Growth	$10.29 - $22.61	$14.79
Multi-Stage	$7.30 - $7.98	$7.63
Blended Fair Value	$11.21
Current Price	$20.71
Upside	-45.86%
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	-7.57%	60.74%	0.04	0.04	0.04	0.07	0.07	0.06	0.05	0.01	0.02	0.01
YoY Growth	-	-	-3.32%	-2.47%	-33.84%	-10.22%	20.47%	30.68%	221.80%	-13.97%	84.15%	2,460.73%
Dividend Yield	-	-	0.64%	0.88%	0.73%	1.06%	1.04%	0.60%	0.46%	0.14%	0.15%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,767.45
(-) Cash Dividends Paid (M)	193.40
(=) Cash Retained (M)	3,574.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	753.49	470.93	282.56
Cash Retained (M)	3,574.05	3,574.05	3,574.05
(-) Cash Required (M)	-753.49	-470.93	-282.56
(=) Excess Retained (M)	2,820.56	3,103.12	3,291.49
(/) Shares Outstanding (M)	7,161.91	7,161.91	7,161.91
(=) Excess Retained per Share	0.39	0.43	0.46
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.39	0.43	0.46
(=) Adjusted Dividend	0.42	0.46	0.49
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.29	$14.79	$22.61
Upside / Downside	-50.31%	-28.57%	9.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,767.45	4,012.33	4,273.13	4,550.89	4,846.70	5,161.73	5,316.58
Payout Ratio	5.13%	22.11%	39.08%	56.05%	73.03%	90.00%	92.50%
Projected Dividends (M)	193.40	887.00	1,669.94	2,550.93	3,539.38	4,645.56	4,917.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	800.14	807.73	815.31
Year 2 PV (M)	1,358.92	1,384.80	1,410.93
Year 3 PV (M)	1,872.55	1,926.31	1,981.08
Year 4 PV (M)	2,343.74	2,433.87	2,526.58
Year 5 PV (M)	2,775.01	2,909.04	3,048.21
PV of Terminal Value (M)	43,112.43	45,194.78	47,356.82
Equity Value (M)	52,262.79	54,656.52	57,138.92
Shares Outstanding (M)	7,161.91	7,161.91	7,161.91
Fair Value	$7.30	$7.63	$7.98
Upside / Downside	-64.76%	-63.15%	-61.48%

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Zhejiang Century Huatong Group Co.,Ltd (002602.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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