DDM Analysis: 600352.SS

Valuation Snapshot

Stable Growth	$6.37 - $10.07	$8.06
Multi-Stage	$14.19 - $15.61	$14.88
Blended Fair Value	$11.47
Current Price	$9.97
Upside	15.06%
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	4.45%	12.57%	0.66	0.47	0.25	0.25	0.45	0.53	0.53	0.45	0.26	0.49
YoY Growth	-	-	39.29%	91.75%	-1.63%	-44.09%	-15.37%	0.24%	16.05%	72.20%	-46.36%	144.68%
Dividend Yield	-	-	6.98%	5.48%	2.39%	2.29%	3.09%	4.44%	2.79%	4.07%	2.81%	4.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,073.96
(-) Cash Dividends Paid (M)	1,078.63
(=) Cash Retained (M)	995.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	414.79	259.25	155.55
Cash Retained (M)	995.33	995.33	995.33
(-) Cash Required (M)	-414.79	-259.25	-155.55
(=) Excess Retained (M)	580.54	736.09	839.79
(/) Shares Outstanding (M)	3,253.33	3,253.33	3,253.33
(=) Excess Retained per Share	0.18	0.23	0.26
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.18	0.23	0.26
(=) Adjusted Dividend	0.51	0.56	0.59
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-1.53%	-0.53%	0.47%
Fair Value	$6.37	$8.06	$10.07
Upside / Downside	-36.10%	-19.14%	1.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,073.96	2,063.06	2,052.21	2,041.42	2,030.68	2,020.00	2,080.60
Payout Ratio	52.01%	59.61%	67.20%	74.80%	82.40%	90.00%	92.50%
Projected Dividends (M)	1,078.63	1,229.71	1,379.18	1,527.05	1,673.31	1,818.00	1,924.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	-1.53%	-0.53%	0.47%
Year 1 PV (M)	1,144.59	1,156.22	1,167.84
Year 2 PV (M)	1,194.85	1,219.25	1,243.88
Year 3 PV (M)	1,231.38	1,269.27	1,307.94
Year 4 PV (M)	1,255.93	1,307.72	1,361.11
Year 5 PV (M)	1,270.07	1,335.88	1,404.39
PV of Terminal Value (M)	40,052.67	42,128.06	44,288.60
Equity Value (M)	46,149.49	48,416.40	50,773.76
Shares Outstanding (M)	3,253.33	3,253.33	3,253.33
Fair Value	$14.19	$14.88	$15.61
Upside / Downside	42.28%	49.27%	56.54%

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Zhejiang Longsheng Group Co.,Ltd (600352.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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