DDM Analysis: 600794.SS

Valuation Snapshot

Stable Growth	$1.10 - $2.06	$1.49
Multi-Stage	$1.83 - $2.01	$1.92
Blended Fair Value	$1.70
Current Price	$4.19
Upside	-59.35%
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	61.31%	11.78%	0.14	0.04	0.03	0.02	0.02	0.01	0.04	0.01	0.01	0.05
YoY Growth	-	-	267.68%	18.81%	100.00%	-28.26%	74.24%	-69.46%	292.95%	1.73%	-78.00%	3.80%
Dividend Yield	-	-	4.04%	1.01%	0.85%	0.51%	0.59%	0.39%	1.14%	0.24%	0.19%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.73
(-) Cash Dividends Paid (M)	84.43
(=) Cash Retained (M)	0.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.95	10.59	6.35
Cash Retained (M)	0.30	0.30	0.30
(-) Cash Required (M)	-16.95	-10.59	-6.35
(=) Excess Retained (M)	-16.64	-10.29	-6.05
(/) Shares Outstanding (M)	1,156.23	1,156.23	1,156.23
(=) Excess Retained per Share	-0.01	-0.01	-0.01
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	-0.01	-0.01	-0.01
(=) Adjusted Dividend	0.06	0.06	0.07
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	1.11%	2.11%	3.11%
Fair Value	$1.10	$1.49	$2.06
Upside / Downside	-73.78%	-64.44%	-50.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.73	86.52	88.35	90.21	92.12	94.07	96.89
Payout Ratio	99.64%	97.71%	95.79%	93.86%	91.93%	90.00%	92.50%
Projected Dividends (M)	84.43	84.54	84.62	84.67	84.68	84.66	89.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	1.11%	2.11%	3.11%
Year 1 PV (M)	78.60	79.38	80.15
Year 2 PV (M)	73.14	74.60	76.07
Year 3 PV (M)	68.04	70.08	72.16
Year 4 PV (M)	63.27	65.81	68.42
Year 5 PV (M)	58.80	61.77	64.85
PV of Terminal Value (M)	1,774.78	1,864.29	1,957.39
Equity Value (M)	2,116.64	2,215.93	2,319.04
Shares Outstanding (M)	1,156.23	1,156.23	1,156.23
Fair Value	$1.83	$1.92	$2.01
Upside / Downside	-56.31%	-54.26%	-52.13%

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Zhang Jia Gang Freetrade Science&Technology Group Co.,Ltd. (600794.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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