DDM Analysis: 605003.SS

Valuation Snapshot

Stable Growth	$5.85 - $9.23	$7.40
Multi-Stage	$14.89 - $16.38	$15.62
Blended Fair Value	$11.51
Current Price	$22.77
Upside	-49.46%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.10%	0.00%	0.41	0.41	0.41	0.40	0.00	0.48	0.00	0.87	0.53	0.00
YoY Growth	-	-	0.00%	0.00%	2.50%	0.00%	-100.00%	0.00%	-100.00%	64.70%	0.00%	0.00%
Dividend Yield	-	-	2.18%	2.39%	2.08%	1.80%	0.00%	1.62%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.18
(-) Cash Dividends Paid (M)	45.10
(=) Cash Retained (M)	20.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.04	8.15	4.89
Cash Retained (M)	20.08	20.08	20.08
(-) Cash Required (M)	-13.04	-8.15	-4.89
(=) Excess Retained (M)	7.05	11.94	15.19
(/) Shares Outstanding (M)	109.81	109.81	109.81
(=) Excess Retained per Share	0.06	0.11	0.14
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.06	0.11	0.14
(=) Adjusted Dividend	0.47	0.52	0.55
WACC / Discount Rate	5.95%	5.95%	5.95%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.85	$7.40	$9.23
Upside / Downside	-74.30%	-67.51%	-59.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.18	64.53	63.89	63.25	62.61	61.99	63.85
Payout Ratio	69.19%	73.35%	77.51%	81.68%	85.84%	90.00%	92.50%
Projected Dividends (M)	45.10	47.33	49.52	51.66	53.75	55.79	59.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.95%	5.95%	5.95%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	44.22	44.68	45.13
Year 2 PV (M)	43.23	44.11	45.01
Year 3 PV (M)	42.13	43.43	44.76
Year 4 PV (M)	40.95	42.65	44.40
Year 5 PV (M)	39.72	41.78	43.94
PV of Terminal Value (M)	1,424.49	1,498.67	1,575.90
Equity Value (M)	1,634.74	1,715.32	1,799.14
Shares Outstanding (M)	109.81	109.81	109.81
Fair Value	$14.89	$15.62	$16.38
Upside / Downside	-34.62%	-31.40%	-28.04%

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ZhongWang Fabric Co., Ltd. (605003.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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