DDM Analysis: 000705.SZ

Valuation Snapshot

Stable Growth	$7.70 - $27.59	$24.86
Multi-Stage	$5.38 - $5.89	$5.63
Blended Fair Value	$15.25
Current Price	$9.92
Upside	53.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.97%	24.93%	0.07	0.06	0.06	0.07	0.06	0.03	0.00	0.02	0.03	0.00
YoY Growth	-	-	19.24%	-2.23%	-13.42%	11.24%	103.51%	584.71%	-81.78%	-26.22%	4,281.72%	-89.95%
Dividend Yield	-	-	0.90%	0.75%	0.76%	0.77%	0.88%	0.44%	0.06%	0.31%	0.28%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	47.22
(-) Cash Dividends Paid (M)	24.95
(=) Cash Retained (M)	22.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.44	5.90	3.54
Cash Retained (M)	22.27	22.27	22.27
(-) Cash Required (M)	-9.44	-5.90	-3.54
(=) Excess Retained (M)	12.82	16.37	18.73
(/) Shares Outstanding (M)	335.76	335.76	335.76
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	4.04%	5.04%	6.04%
Fair Value	$7.70	$24.86	$27.59
Upside / Downside	-22.37%	150.62%	178.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	47.22	49.60	52.10	54.72	57.48	60.38	62.19
Payout Ratio	52.84%	60.27%	67.71%	75.14%	82.57%	90.00%	92.50%
Projected Dividends (M)	24.95	29.90	35.27	41.12	47.46	54.34	57.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	4.04%	5.04%	6.04%
Year 1 PV (M)	28.05	28.32	28.59
Year 2 PV (M)	31.06	31.66	32.26
Year 3 PV (M)	33.97	34.96	35.97
Year 4 PV (M)	36.79	38.23	39.70
Year 5 PV (M)	39.53	41.46	43.47
PV of Terminal Value (M)	1,635.54	1,715.67	1,798.91
Equity Value (M)	1,804.94	1,890.30	1,978.91
Shares Outstanding (M)	335.76	335.76	335.76
Fair Value	$5.38	$5.63	$5.89
Upside / Downside	-45.81%	-43.25%	-40.59%

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Zhejiang Zhenyuan Share Co., Ltd. (000705.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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