DDM Analysis: 002722.SZ

Valuation Snapshot

Stable Growth	$14.51 - $35.11	$21.55
Multi-Stage	$9.96 - $10.89	$10.42
Blended Fair Value	$15.99
Current Price	$16.15
Upside	-1.02%
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	-8.77%	15.42%	0.21	0.15	0.24	0.22	0.34	0.34	0.24	0.22	0.15	0.08
YoY Growth	-	-	43.06%	-37.46%	5.93%	-33.93%	0.93%	41.95%	6.48%	53.09%	71.09%	67.63%
Dividend Yield	-	-	1.44%	1.13%	1.59%	1.47%	3.36%	2.73%	1.20%	1.05%	0.36%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	141.89
(-) Cash Dividends Paid (M)	5.34
(=) Cash Retained (M)	136.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.38	17.74	10.64
Cash Retained (M)	136.55	136.55	136.55
(-) Cash Required (M)	-28.38	-17.74	-10.64
(=) Excess Retained (M)	108.17	118.82	125.91
(/) Shares Outstanding (M)	211.65	211.65	211.65
(=) Excess Retained per Share	0.51	0.56	0.59
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.51	0.56	0.59
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	9.40%	9.40%	9.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.51	$21.55	$35.11
Upside / Downside	-10.13%	33.46%	117.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	141.89	151.12	160.94	171.40	182.54	194.40	200.24
Payout Ratio	3.76%	21.01%	38.26%	55.51%	72.75%	90.00%	92.50%
Projected Dividends (M)	5.34	31.75	61.57	95.14	132.80	174.96	185.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.40%	9.40%	9.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28.75	29.02	29.30
Year 2 PV (M)	50.49	51.45	52.42
Year 3 PV (M)	70.63	72.66	74.73
Year 4 PV (M)	89.28	92.72	96.25
Year 5 PV (M)	106.51	111.66	117.00
PV of Terminal Value (M)	1,762.25	1,847.37	1,935.75
Equity Value (M)	2,107.92	2,204.88	2,305.44
Shares Outstanding (M)	211.65	211.65	211.65
Fair Value	$9.96	$10.42	$10.89
Upside / Downside	-38.33%	-35.50%	-32.55%

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Wuchan Zhongda Geron Co.,Ltd. (002722.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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