DDM Analysis: 600987.SS

Valuation Snapshot

Stable Growth	$119.55 - $140.85	$132.00
Multi-Stage	$79.23 - $86.93	$83.01
Blended Fair Value	$107.50
Current Price	$7.07
Upside	1,420.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.46%	8.31%	0.37	0.34	0.33	0.23	0.26	0.24	0.23	0.19	0.16	0.17
YoY Growth	-	-	10.53%	2.02%	41.01%	-11.20%	11.29%	1.24%	24.15%	13.82%	-0.36%	-0.79%
Dividend Yield	-	-	5.21%	4.39%	3.93%	4.27%	4.71%	4.20%	3.60%	1.95%	2.23%	2.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	727.25
(-) Cash Dividends Paid (M)	347.27
(=) Cash Retained (M)	379.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	145.45	90.91	54.54
Cash Retained (M)	379.98	379.98	379.98
(-) Cash Required (M)	-145.45	-90.91	-54.54
(=) Excess Retained (M)	234.53	289.07	325.44
(/) Shares Outstanding (M)	1,026.84	1,026.84	1,026.84
(=) Excess Retained per Share	0.23	0.28	0.32
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.23	0.28	0.32
(=) Adjusted Dividend	0.57	0.62	0.66
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$119.55	$132.00	$140.85
Upside / Downside	1,590.96%	1,767.02%	1,892.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	727.25	774.52	824.87	878.48	935.58	996.40	1,026.29
Payout Ratio	47.75%	56.20%	64.65%	73.10%	81.55%	90.00%	92.50%
Projected Dividends (M)	347.27	435.29	533.28	642.17	762.97	896.76	949.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	419.03	423.00	426.97
Year 2 PV (M)	494.18	503.59	513.09
Year 3 PV (M)	572.86	589.30	606.06
Year 4 PV (M)	655.19	680.38	706.30
Year 5 PV (M)	741.30	777.11	814.28
PV of Terminal Value (M)	78,475.15	82,265.53	86,200.97
Equity Value (M)	81,357.70	85,238.91	89,267.68
Shares Outstanding (M)	1,026.84	1,026.84	1,026.84
Fair Value	$79.23	$83.01	$86.93
Upside / Downside	1,020.67%	1,074.13%	1,129.62%

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Zhejiang Hangmin Co.,Ltd (600987.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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