DDM Analysis: 600610.SS

Valuation Snapshot

Stable Growth	$0.81 - $1.73	$1.15
Multi-Stage	$0.59 - $0.64	$0.61
Blended Fair Value	$0.88
Current Price	$11.41
Upside	-92.26%
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	30.16%	4.15%	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.01	0.00	0.00
YoY Growth	-	-	50.65%	25.71%	-25.81%	-0.31%	166.72%	7,182.46%	-99.43%	207.99%	-12.95%	-63.88%
Dividend Yield	-	-	0.13%	0.14%	0.05%	0.07%	0.15%	0.07%	0.00%	0.17%	0.03%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.10
(-) Cash Dividends Paid (M)	5.21
(=) Cash Retained (M)	40.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.22	5.76	3.46
Cash Retained (M)	40.89	40.89	40.89
(-) Cash Required (M)	-9.22	-5.76	-3.46
(=) Excess Retained (M)	31.67	35.13	37.43
(/) Shares Outstanding (M)	1,073.17	1,073.17	1,073.17
(=) Excess Retained per Share	0.03	0.03	0.03
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.03	0.03	0.03
(=) Adjusted Dividend	0.03	0.04	0.04
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$0.81	$1.15	$1.73
Upside / Downside	-92.89%	-89.90%	-84.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.10	49.10	52.29	55.69	59.31	63.17	65.06
Payout Ratio	11.31%	27.05%	42.79%	58.52%	74.26%	90.00%	92.50%
Projected Dividends (M)	5.21	13.28	22.37	32.59	44.05	56.85	60.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11.96	12.08	12.19
Year 2 PV (M)	18.15	18.50	18.85
Year 3 PV (M)	23.82	24.51	25.20
Year 4 PV (M)	29.00	30.11	31.26
Year 5 PV (M)	33.72	35.34	37.03
PV of Terminal Value (M)	511.89	536.62	562.29
Equity Value (M)	628.55	657.16	686.83
Shares Outstanding (M)	1,073.17	1,073.17	1,073.17
Fair Value	$0.59	$0.61	$0.64
Upside / Downside	-94.87%	-94.63%	-94.39%

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Guizhou Zhongyida Co., Ltd (600610.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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