DDM Analysis: 603040.SS

Valuation Snapshot

Stable Growth	$36.29 - $76.98	$51.52
Multi-Stage	$27.54 - $30.02	$28.76
Blended Fair Value	$40.14
Current Price	$84.02
Upside	-52.22%
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	20.95%	22.18%	0.61	0.50	0.30	0.38	0.30	0.24	0.24	0.13	0.10	0.11
YoY Growth	-	-	21.84%	69.36%	-22.00%	28.68%	24.96%	-0.71%	90.65%	20.43%	-6.06%	33.78%
Dividend Yield	-	-	2.12%	2.34%	1.45%	2.30%	1.39%	1.46%	1.32%	0.41%	0.26%	1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	259.41
(-) Cash Dividends Paid (M)	122.39
(=) Cash Retained (M)	137.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.88	32.43	19.46
Cash Retained (M)	137.02	137.02	137.02
(-) Cash Required (M)	-51.88	-32.43	-19.46
(=) Excess Retained (M)	85.14	104.59	117.56
(/) Shares Outstanding (M)	134.10	134.10	134.10
(=) Excess Retained per Share	0.63	0.78	0.88
LTM Dividend per Share	0.91	0.91	0.91
(+) Excess Retained per Share	0.63	0.78	0.88
(=) Adjusted Dividend	1.55	1.69	1.79
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.29	$51.52	$76.98
Upside / Downside	-56.81%	-38.68%	-8.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	259.41	276.27	294.23	313.36	333.72	355.42	366.08
Payout Ratio	47.18%	55.75%	64.31%	72.87%	81.44%	90.00%	92.50%
Projected Dividends (M)	122.39	154.01	189.22	228.35	271.77	319.88	338.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	138.70	140.01	141.33
Year 2 PV (M)	153.46	156.38	159.33
Year 3 PV (M)	166.78	171.57	176.45
Year 4 PV (M)	178.76	185.63	192.71
Year 5 PV (M)	189.48	198.63	208.13
PV of Terminal Value (M)	2,866.06	3,004.49	3,148.22
Equity Value (M)	3,693.23	3,856.72	4,026.16
Shares Outstanding (M)	134.10	134.10	134.10
Fair Value	$27.54	$28.76	$30.02
Upside / Downside	-67.22%	-65.77%	-64.27%

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Hangzhou XZB Tech Co.,Ltd (603040.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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