DDM Analysis: 603129.SS

Valuation Snapshot

Stable Growth	$258.77 - $637.71	$386.60
Multi-Stage	$182.90 - $199.69	$191.14
Blended Fair Value	$288.87
Current Price	$268.25
Upside	7.69%
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	49.06%	31.26%	2.06	1.38	0.81	0.72	0.34	0.28	0.26	0.00	0.02	0.11
YoY Growth	-	-	49.42%	69.94%	12.52%	110.80%	22.20%	6.67%	5,209.60%	-78.39%	-78.85%	-20.30%
Dividend Yield	-	-	1.10%	1.12%	0.64%	0.71%	0.27%	0.91%	1.11%	0.02%	0.12%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,805.82
(-) Cash Dividends Paid (M)	589.42
(=) Cash Retained (M)	1,216.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	361.16	225.73	135.44
Cash Retained (M)	1,216.39	1,216.39	1,216.39
(-) Cash Required (M)	-361.16	-225.73	-135.44
(=) Excess Retained (M)	855.23	990.67	1,080.96
(/) Shares Outstanding (M)	153.71	153.71	153.71
(=) Excess Retained per Share	5.56	6.45	7.03
LTM Dividend per Share	3.83	3.83	3.83
(+) Excess Retained per Share	5.56	6.45	7.03
(=) Adjusted Dividend	9.40	10.28	10.87
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$258.77	$386.60	$637.71
Upside / Downside	-3.54%	44.12%	137.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,805.82	1,923.20	2,048.20	2,181.34	2,323.12	2,474.13	2,548.35
Payout Ratio	32.64%	44.11%	55.58%	67.06%	78.53%	90.00%	92.50%
Projected Dividends (M)	589.42	848.36	1,138.48	1,462.72	1,824.30	2,226.71	2,357.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	768.67	775.95	783.24
Year 2 PV (M)	934.62	952.42	970.39
Year 3 PV (M)	1,088.00	1,119.23	1,151.06
Year 4 PV (M)	1,229.48	1,276.76	1,325.39
Year 5 PV (M)	1,359.70	1,425.38	1,493.56
PV of Terminal Value (M)	22,732.41	23,830.40	24,970.41
Equity Value (M)	28,112.88	29,380.15	30,694.05
Shares Outstanding (M)	153.71	153.71	153.71
Fair Value	$182.90	$191.14	$199.69
Upside / Downside	-31.82%	-28.74%	-25.56%

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Zhejiang Cfmoto Power Co.,Ltd (603129.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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