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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PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
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PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
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EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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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

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