DDM Analysis: 300114.SZ

Valuation Snapshot

Stable Growth	$1.38 - $2.00	$1.68
Multi-Stage	$2.23 - $2.45	$2.34
Blended Fair Value	$2.01
Current Price	$71.78
Upside	-97.20%
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	0.00%	0.00%	0.00	0.03	0.05	0.05	0.05	0.05	0.05	0.04	0.04	0.02
YoY Growth	-	-	-100.00%	-40.00%	-0.79%	0.93%	10.08%	-10.00%	15.34%	21.92%	108.00%	-50.16%
Dividend Yield	-	-	0.00%	0.07%	0.10%	0.39%	0.38%	0.45%	0.47%	0.36%	0.23%	0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.31
(-) Cash Dividends Paid (M)	13.52
(=) Cash Retained (M)	98.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.46	14.04	8.42
Cash Retained (M)	98.79	98.79	98.79
(-) Cash Required (M)	-22.46	-14.04	-8.42
(=) Excess Retained (M)	76.33	84.75	90.37
(/) Shares Outstanding (M)	587.33	587.33	587.33
(=) Excess Retained per Share	0.13	0.14	0.15
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.13	0.14	0.15
(=) Adjusted Dividend	0.15	0.17	0.18
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.38	$1.68	$2.00
Upside / Downside	-98.08%	-97.66%	-97.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.31	111.19	110.07	108.97	107.88	106.80	110.01
Payout Ratio	12.04%	27.63%	43.22%	58.82%	74.41%	90.00%	92.50%
Projected Dividends (M)	13.52	30.72	47.58	64.09	80.27	96.12	101.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	27.94	28.22	28.51
Year 2 PV (M)	39.34	40.15	40.96
Year 3 PV (M)	48.19	49.68	51.20
Year 4 PV (M)	54.88	57.16	59.50
Year 5 PV (M)	59.76	62.87	66.11
PV of Terminal Value (M)	1,079.18	1,135.38	1,193.89
Equity Value (M)	1,309.29	1,373.45	1,440.17
Shares Outstanding (M)	587.33	587.33	587.33
Fair Value	$2.23	$2.34	$2.45
Upside / Downside	-96.89%	-96.74%	-96.58%

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Zhonghang Electronic Measuring Instruments Co.,Ltd (300114.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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