DDM Analysis: 301196.SZ

Valuation Snapshot

Stable Growth	$39.98 - $84.91	$56.78
Multi-Stage	$28.56 - $31.22	$29.87
Blended Fair Value	$43.33
Current Price	$95.78
Upside	-54.77%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	180.39%	0.00%	1.42	0.70	0.60	0.00	0.00	0.01	0.02	0.02	0.00	0.00
YoY Growth	-	-	102.74%	16.67%	141,677.90%	-84.87%	-65.85%	-62.26%	0.63%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.69%	2.33%	1.71%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	264.99
(-) Cash Dividends Paid (M)	5.57
(=) Cash Retained (M)	259.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.00	33.12	19.87
Cash Retained (M)	259.41	259.41	259.41
(-) Cash Required (M)	-53.00	-33.12	-19.87
(=) Excess Retained (M)	206.42	226.29	239.54
(/) Shares Outstanding (M)	124.54	124.54	124.54
(=) Excess Retained per Share	1.66	1.82	1.92
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	1.66	1.82	1.92
(=) Adjusted Dividend	1.70	1.86	1.97
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.98	$56.78	$84.91
Upside / Downside	-58.26%	-40.71%	-11.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	264.99	282.21	300.55	320.09	340.90	363.06	373.95
Payout Ratio	2.10%	19.68%	37.26%	54.84%	72.42%	90.00%	92.50%
Projected Dividends (M)	5.57	55.55	111.99	175.54	246.88	326.75	345.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	50.03	50.50	50.97
Year 2 PV (M)	90.84	92.57	94.32
Year 3 PV (M)	128.24	131.92	135.67
Year 4 PV (M)	162.43	168.67	175.10
Year 5 PV (M)	193.61	202.96	212.67
PV of Terminal Value (M)	2,931.41	3,073.00	3,220.01
Equity Value (M)	3,556.55	3,719.62	3,888.73
Shares Outstanding (M)	124.54	124.54	124.54
Fair Value	$28.56	$29.87	$31.22
Upside / Downside	-70.18%	-68.82%	-67.40%

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Xiamen Voke Mold & Plastic Engineering Co., Ltd. (301196.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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