DDM Analysis: 600097.SS

Valuation Snapshot

Stable Growth	$3.10 - $4.52	$3.79
Multi-Stage	$6.17 - $6.80	$6.48
Blended Fair Value	$5.13
Current Price	$11.10
Upside	-53.75%
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	-3.03%	-0.97%	0.20	0.13	0.24	0.19	0.11	0.23	0.15	0.07	0.06	0.17
YoY Growth	-	-	46.96%	-44.19%	27.30%	65.96%	-50.51%	54.40%	129.75%	3.33%	-63.79%	-20.30%
Dividend Yield	-	-	2.10%	1.34%	2.23%	1.47%	1.22%	2.32%	1.11%	0.48%	0.34%	1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	105.33
(-) Cash Dividends Paid (M)	22.44
(=) Cash Retained (M)	82.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.07	13.17	7.90
Cash Retained (M)	82.89	82.89	82.89
(-) Cash Required (M)	-21.07	-13.17	-7.90
(=) Excess Retained (M)	61.83	69.72	74.99
(/) Shares Outstanding (M)	249.66	249.66	249.66
(=) Excess Retained per Share	0.25	0.28	0.30
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.25	0.28	0.30
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	7.58%	7.58%	7.58%
Growth Rate	-2.97%	-1.97%	-0.97%
Fair Value	$3.10	$3.79	$4.52
Upside / Downside	-72.03%	-65.86%	-59.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	105.33	103.25	101.22	99.23	97.28	95.36	98.22
Payout Ratio	21.30%	35.04%	48.78%	62.52%	76.26%	90.00%	92.50%
Projected Dividends (M)	22.44	36.18	49.38	62.04	74.18	85.82	90.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.58%	7.58%	7.58%
Growth Rate	-2.97%	-1.97%	-0.97%
Year 1 PV (M)	33.29	33.63	33.98
Year 2 PV (M)	41.80	42.66	43.54
Year 3 PV (M)	48.32	49.83	51.37
Year 4 PV (M)	53.16	55.38	57.68
Year 5 PV (M)	56.58	59.56	62.66
PV of Terminal Value (M)	1,307.56	1,376.34	1,447.99
Equity Value (M)	1,540.70	1,617.40	1,697.20
Shares Outstanding (M)	249.66	249.66	249.66
Fair Value	$6.17	$6.48	$6.80
Upside / Downside	-44.40%	-41.64%	-38.76%

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Sector

Shanghai Kaichuang Marine International Co., Ltd. (600097.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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