DDM Analysis: 001319.SZ

Valuation Snapshot

Stable Growth	$20.94 - $53.79	$31.71
Multi-Stage	$37.31 - $41.01	$39.12
Blended Fair Value	$35.42
Current Price	$26.80
Upside	32.15%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	18.15%	0.00%	0.38	0.24	0.35	0.33	0.24	0.17	0.80	0.00	0.00	0.00
YoY Growth	-	-	58.45%	-31.02%	6.25%	37.66%	44.01%	-79.25%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.43%	1.19%	1.61%	1.54%	1.12%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	134.83
(-) Cash Dividends Paid (M)	56.84
(=) Cash Retained (M)	78.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.97	16.85	10.11
Cash Retained (M)	78.00	78.00	78.00
(-) Cash Required (M)	-26.97	-16.85	-10.11
(=) Excess Retained (M)	51.03	61.14	67.89
(/) Shares Outstanding (M)	141.42	141.42	141.42
(=) Excess Retained per Share	0.36	0.43	0.48
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.36	0.43	0.48
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	1.52%	2.52%	3.52%
Fair Value	$20.94	$31.71	$53.79
Upside / Downside	-21.86%	18.31%	100.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	134.83	138.23	141.71	145.28	148.93	152.68	157.26
Payout Ratio	42.15%	51.72%	61.29%	70.86%	80.43%	90.00%	92.50%
Projected Dividends (M)	56.84	71.49	86.85	102.94	119.79	137.41	145.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	1.52%	2.52%	3.52%
Year 1 PV (M)	67.29	67.95	68.61
Year 2 PV (M)	76.94	78.46	80.00
Year 3 PV (M)	85.82	88.38	90.99
Year 4 PV (M)	93.99	97.75	101.62
Year 5 PV (M)	101.48	106.57	111.87
PV of Terminal Value (M)	4,850.23	5,093.87	5,347.20
Equity Value (M)	5,275.74	5,532.98	5,800.29
Shares Outstanding (M)	141.42	141.42	141.42
Fair Value	$37.31	$39.12	$41.01
Upside / Downside	39.20%	45.99%	53.04%

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Winstech Precision Holding Co., Ltd. (001319.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener