DDM Analysis: 603681.SS

Valuation Snapshot

Stable Growth	$127.02 - $149.65	$140.24
Multi-Stage	$151.69 - $166.51	$158.96
Blended Fair Value	$149.60
Current Price	$16.66
Upside	797.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.29%	34.03%	0.39	0.19	0.19	0.35	0.22	0.23	0.03	0.03	0.03	0.02
YoY Growth	-	-	102.81%	0.00%	-43.75%	59.61%	-6.24%	599.88%	27.37%	1.91%	35.37%	-10.87%
Dividend Yield	-	-	2.81%	1.51%	0.90%	1.34%	0.98%	1.29%	0.16%	0.18%	0.18%	0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	147.87
(-) Cash Dividends Paid (M)	35.23
(=) Cash Retained (M)	112.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.57	18.48	11.09
Cash Retained (M)	112.64	112.64	112.64
(-) Cash Required (M)	-29.57	-18.48	-11.09
(=) Excess Retained (M)	83.06	94.15	101.55
(/) Shares Outstanding (M)	196.51	196.51	196.51
(=) Excess Retained per Share	0.42	0.48	0.52
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.42	0.48	0.52
(=) Adjusted Dividend	0.60	0.66	0.70
WACC / Discount Rate	-8.70%	-8.70%	-8.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$127.02	$140.24	$149.65
Upside / Downside	662.42%	741.81%	798.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	147.87	157.48	167.72	178.62	190.23	202.60	208.67
Payout Ratio	23.83%	37.06%	50.30%	63.53%	76.77%	90.00%	92.50%
Projected Dividends (M)	35.23	58.37	84.36	113.48	146.03	182.34	193.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-8.70%	-8.70%	-8.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	63.33	63.93	64.53
Year 2 PV (M)	99.31	101.20	103.11
Year 3 PV (M)	144.95	149.11	153.35
Year 4 PV (M)	202.38	210.16	218.17
Year 5 PV (M)	274.17	287.41	301.16
PV of Terminal Value (M)	29,023.60	30,425.45	31,880.96
Equity Value (M)	29,807.73	31,237.25	32,721.26
Shares Outstanding (M)	196.51	196.51	196.51
Fair Value	$151.69	$158.96	$166.51
Upside / Downside	810.48%	854.14%	899.47%

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Shanghai Yongguan Adhesive Products Corp., Ltd. (603681.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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