DDM Analysis: 002779.SZ

Valuation Snapshot

Stable Growth	$6.87 - $14.84	$9.81
Multi-Stage	$5.08 - $5.54	$5.30
Blended Fair Value	$7.56
Current Price	$129.40
Upside	-94.16%
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	53.69%	0.00%	0.15	0.04	0.02	0.00	0.01	0.02	0.04	0.06	0.08	0.00
YoY Growth	-	-	267.49%	110.00%	371.08%	-64.62%	-33.33%	-50.00%	-34.55%	-28.26%	0.00%	0.00%
Dividend Yield	-	-	0.22%	0.16%	0.11%	0.02%	0.16%	0.16%	0.26%	0.42%	0.29%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	47.28
(-) Cash Dividends Paid (M)	15.09
(=) Cash Retained (M)	32.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.46	5.91	3.55
Cash Retained (M)	32.18	32.18	32.18
(-) Cash Required (M)	-9.46	-5.91	-3.55
(=) Excess Retained (M)	22.73	26.27	28.64
(/) Shares Outstanding (M)	131.99	131.99	131.99
(=) Excess Retained per Share	0.17	0.20	0.22
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.17	0.20	0.22
(=) Adjusted Dividend	0.29	0.31	0.33
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.87	$9.81	$14.84
Upside / Downside	-94.69%	-92.42%	-88.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	47.28	50.35	53.62	57.11	60.82	64.77	66.72
Payout Ratio	31.92%	43.54%	55.15%	66.77%	78.38%	90.00%	92.50%
Projected Dividends (M)	15.09	21.92	29.58	38.13	47.67	58.30	61.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	19.76	19.95	20.13
Year 2 PV (M)	24.03	24.49	24.95
Year 3 PV (M)	27.92	28.73	29.54
Year 4 PV (M)	31.47	32.68	33.92
Year 5 PV (M)	34.69	36.36	38.10
PV of Terminal Value (M)	532.09	557.79	584.47
Equity Value (M)	669.96	699.99	731.12
Shares Outstanding (M)	131.99	131.99	131.99
Fair Value	$5.08	$5.30	$5.54
Upside / Downside	-96.08%	-95.90%	-95.72%

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Zhejiang Zhongjian Technology Co.,Ltd (002779.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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