DDM Analysis: 605268.SS

Valuation Snapshot

Stable Growth	$2.88 - $4.19	$3.51
Multi-Stage	$4.76 - $5.24	$4.99
Blended Fair Value	$4.25
Current Price	$10.00
Upside	-57.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-4.20%	0.00%	0.33	0.23	0.10	0.24	0.00	0.40	0.24	0.00	0.18	0.00
YoY Growth	-	-	41.39%	134.88%	-59.79%	15,443.21%	-99.61%	66.67%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	3.96%	2.73%	1.01%	2.01%	0.01%	2.72%	1.63%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	177.21
(-) Cash Dividends Paid (M)	12.75
(=) Cash Retained (M)	164.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.44	22.15	13.29
Cash Retained (M)	164.46	164.46	164.46
(-) Cash Required (M)	-35.44	-22.15	-13.29
(=) Excess Retained (M)	129.02	142.31	151.17
(/) Shares Outstanding (M)	456.91	456.91	456.91
(=) Excess Retained per Share	0.28	0.31	0.33
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.28	0.31	0.33
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.88	$3.51	$4.19
Upside / Downside	-71.20%	-64.85%	-58.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	177.21	175.44	173.69	171.95	170.23	168.53	173.58
Payout Ratio	7.19%	23.76%	40.32%	56.88%	73.44%	90.00%	92.50%
Projected Dividends (M)	12.75	41.68	70.02	97.80	125.02	151.68	160.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	38.00	38.39	38.78
Year 2 PV (M)	58.22	59.42	60.62
Year 3 PV (M)	74.15	76.44	78.78
Year 4 PV (M)	86.43	90.01	93.70
Year 5 PV (M)	95.62	100.60	105.78
PV of Terminal Value (M)	1,820.80	1,915.61	2,014.33
Equity Value (M)	2,173.22	2,280.47	2,392.01
Shares Outstanding (M)	456.91	456.91	456.91
Fair Value	$4.76	$4.99	$5.24
Upside / Downside	-52.44%	-50.09%	-47.65%

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Wangli Security & Surveillance Product Co., Ltd (605268.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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