DDM Analysis: 688565.SS

Valuation Snapshot

Stable Growth	$2.02 - $3.12	$2.53
Multi-Stage	$2.79 - $3.06	$2.92
Blended Fair Value	$2.73
Current Price	$10.29
Upside	-73.49%
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	-18.16%	9.00%	0.03	0.04	0.16	0.01	0.05	0.07	0.01	0.01	0.00	0.01
YoY Growth	-	-	-30.65%	-75.20%	974.12%	-71.87%	-29.33%	1,032.17%	-1.35%	66.11%	-68.91%	11.75%
Dividend Yield	-	-	0.41%	0.66%	1.91%	0.14%	0.29%	0.40%	0.04%	0.04%	0.02%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.46
(-) Cash Dividends Paid (M)	2.61
(=) Cash Retained (M)	29.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.49	4.06	2.43
Cash Retained (M)	29.85	29.85	29.85
(-) Cash Required (M)	-6.49	-4.06	-2.43
(=) Excess Retained (M)	23.36	25.79	27.42
(/) Shares Outstanding (M)	150.85	150.85	150.85
(=) Excess Retained per Share	0.15	0.17	0.18
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.15	0.17	0.18
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	0.32%	1.32%	2.32%
Fair Value	$2.02	$2.53	$3.12
Upside / Downside	-80.34%	-75.40%	-69.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.46	32.89	33.32	33.76	34.21	34.66	35.70
Payout Ratio	8.03%	24.42%	40.82%	57.21%	73.61%	90.00%	92.50%
Projected Dividends (M)	2.61	8.03	13.60	19.31	25.18	31.19	33.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	0.32%	1.32%	2.32%
Year 1 PV (M)	7.31	7.38	7.45
Year 2 PV (M)	11.25	11.48	11.70
Year 3 PV (M)	14.53	14.97	15.42
Year 4 PV (M)	17.23	17.93	18.65
Year 5 PV (M)	19.42	20.41	21.43
PV of Terminal Value (M)	351.05	368.90	387.47
Equity Value (M)	420.79	441.06	462.13
Shares Outstanding (M)	150.85	150.85	150.85
Fair Value	$2.79	$2.92	$3.06
Upside / Downside	-72.89%	-71.59%	-70.23%

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Zhejiang Haiyan Power System Resources Environmental Technology Co.,Ltd. (688565.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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