DDM Analysis: 605162.SS

Valuation Snapshot

Stable Growth	$3.36 - $5.19	$4.21
Multi-Stage	$7.60 - $8.36	$7.97
Blended Fair Value	$6.09
Current Price	$8.77
Upside	-30.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-1.55%	0.00%	0.18	0.15	0.35	0.02	0.22	0.20	0.05	0.21	0.20	0.00
YoY Growth	-	-	18.95%	-56.79%	1,803.39%	-91.46%	10.66%	303.27%	-76.32%	5.08%	0.00%	0.00%
Dividend Yield	-	-	2.39%	1.92%	4.08%	0.18%	2.48%	2.24%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	148.79
(-) Cash Dividends Paid (M)	74.77
(=) Cash Retained (M)	74.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.76	18.60	11.16
Cash Retained (M)	74.02	74.02	74.02
(-) Cash Required (M)	-29.76	-18.60	-11.16
(=) Excess Retained (M)	44.26	55.42	62.86
(/) Shares Outstanding (M)	408.40	408.40	408.40
(=) Excess Retained per Share	0.11	0.14	0.15
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.11	0.14	0.15
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.36	$4.21	$5.19
Upside / Downside	-61.65%	-51.98%	-40.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	148.79	147.30	145.83	144.37	142.93	141.50	145.74
Payout Ratio	50.25%	58.20%	66.15%	74.10%	82.05%	90.00%	92.50%
Projected Dividends (M)	74.77	85.73	96.47	106.98	117.27	127.35	134.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	79.69	80.51	81.32
Year 2 PV (M)	83.35	85.06	86.79
Year 3 PV (M)	85.92	88.58	91.29
Year 4 PV (M)	87.55	91.18	94.92
Year 5 PV (M)	88.38	92.98	97.77
PV of Terminal Value (M)	2,677.98	2,817.43	2,962.63
Equity Value (M)	3,102.88	3,255.74	3,414.72
Shares Outstanding (M)	408.40	408.40	408.40
Fair Value	$7.60	$7.97	$8.36
Upside / Downside	-13.37%	-9.10%	-4.66%

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Zhejiang Xinzhonggang Thermal Power Co., Ltd. (605162.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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