DDM Analysis: 001256.SZ

Valuation Snapshot

Stable Growth	$8.56 - $15.01	$11.31
Multi-Stage	$9.08 - $9.94	$9.50
Blended Fair Value	$10.41
Current Price	$22.36
Upside	-53.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	14.81%	0.00%	0.20	0.17	0.07	0.01	1.63	0.10	0.10	0.00	0.00	0.00
YoY Growth	-	-	16.90%	126.67%	484.48%	-99.22%	1,554.20%	2.11%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.69%	1.11%	0.38%	0.06%	8.31%	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)	91.16
(-) Cash Dividends Paid (M)	28.74
(=) Cash Retained (M)	62.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.23	11.39	6.84
Cash Retained (M)	62.42	62.42	62.42
(-) Cash Required (M)	-18.23	-11.39	-6.84
(=) Excess Retained (M)	44.19	51.03	55.58
(/) Shares Outstanding (M)	143.93	143.93	143.93
(=) Excess Retained per Share	0.31	0.35	0.39
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.31	0.35	0.39
(=) Adjusted Dividend	0.51	0.55	0.59
WACC / Discount Rate	9.17%	9.17%	9.17%
Growth Rate	3.07%	4.07%	5.07%
Fair Value	$8.56	$11.31	$15.01
Upside / Downside	-61.71%	-49.43%	-32.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.16	94.86	98.72	102.74	106.92	111.26	114.60
Payout Ratio	31.52%	43.22%	54.91%	66.61%	78.30%	90.00%	92.50%
Projected Dividends (M)	28.74	41.00	54.21	68.43	83.72	100.14	106.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.17%	9.17%	9.17%
Growth Rate	3.07%	4.07%	5.07%
Year 1 PV (M)	37.19	37.56	37.92
Year 2 PV (M)	44.62	45.49	46.37
Year 3 PV (M)	51.10	52.60	54.13
Year 4 PV (M)	56.71	58.95	61.24
Year 5 PV (M)	61.54	64.59	67.75
PV of Terminal Value (M)	1,056.33	1,108.58	1,162.88
Equity Value (M)	1,307.50	1,367.76	1,430.29
Shares Outstanding (M)	143.93	143.93	143.93
Fair Value	$9.08	$9.50	$9.94
Upside / Downside	-59.37%	-57.50%	-55.56%

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Zhejiang Weigang Technology Co., Ltd. (001256.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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