DDM Analysis: 301119.SZ

Valuation Snapshot

Stable Growth	$50.70 - $218.16	$123.74
Multi-Stage	$32.11 - $35.10	$33.58
Blended Fair Value	$78.66
Current Price	$38.50
Upside	104.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	68.57%	0.00%	0.23	0.15	0.06	0.00	0.00	0.02	0.00	0.97	0.00	0.00
YoY Growth	-	-	59.40%	156.16%	0.00%	0.00%	-100.00%	3,743.85%	-99.95%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.74%	0.67%	0.26%	0.00%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	115.68
(-) Cash Dividends Paid (M)	109.09
(=) Cash Retained (M)	6.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.14	14.46	8.68
Cash Retained (M)	6.59	6.59	6.59
(-) Cash Required (M)	-23.14	-14.46	-8.68
(=) Excess Retained (M)	-16.54	-7.87	-2.08
(/) Shares Outstanding (M)	104.68	104.68	104.68
(=) Excess Retained per Share	-0.16	-0.08	-0.02
LTM Dividend per Share	1.04	1.04	1.04
(+) Excess Retained per Share	-0.16	-0.08	-0.02
(=) Adjusted Dividend	0.88	0.97	1.02
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	4.71%	5.71%	6.71%
Fair Value	$50.70	$123.74	$218.16
Upside / Downside	31.68%	221.41%	466.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	115.68	122.29	129.27	136.65	144.46	152.71	157.29
Payout Ratio	94.30%	93.44%	92.58%	91.72%	90.86%	90.00%	92.50%
Projected Dividends (M)	109.09	114.26	119.68	125.34	131.26	137.44	145.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	4.71%	5.71%	6.71%
Year 1 PV (M)	106.24	107.25	108.27
Year 2 PV (M)	103.46	105.44	107.45
Year 3 PV (M)	100.74	103.65	106.62
Year 4 PV (M)	98.08	101.88	105.79
Year 5 PV (M)	95.49	100.14	104.96
PV of Terminal Value (M)	2,857.46	2,996.54	3,140.98
Equity Value (M)	3,361.46	3,514.90	3,674.07
Shares Outstanding (M)	104.68	104.68	104.68
Fair Value	$32.11	$33.58	$35.10
Upside / Downside	-16.59%	-12.78%	-8.83%

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Hangzhou Zhengqiang Corporation Limited (301119.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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