DDM Analysis: 600273.SS

Valuation Snapshot

Stable Growth	$76.30 - $153.63	$143.97
Multi-Stage	$23.53 - $25.76	$24.62
Blended Fair Value	$84.30
Current Price	$8.42
Upside	901.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.16%	19.14%	0.43	0.72	0.57	0.47	0.38	0.30	0.35	0.17	0.15	0.06
YoY Growth	-	-	-41.19%	26.30%	22.14%	24.17%	25.43%	-14.90%	113.09%	10.32%	146.03%	-17.15%
Dividend Yield	-	-	5.27%	9.21%	6.59%	4.66%	3.72%	3.41%	2.65%	1.95%	1.68%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,039.80
(-) Cash Dividends Paid (M)	293.00
(=) Cash Retained (M)	746.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	207.96	129.97	77.98
Cash Retained (M)	746.80	746.80	746.80
(-) Cash Required (M)	-207.96	-129.97	-77.98
(=) Excess Retained (M)	538.84	616.83	668.82
(/) Shares Outstanding (M)	1,346.06	1,346.06	1,346.06
(=) Excess Retained per Share	0.40	0.46	0.50
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.40	0.46	0.50
(=) Adjusted Dividend	0.62	0.68	0.71
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$76.30	$143.97	$153.63
Upside / Downside	806.23%	1,609.86%	1,724.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,039.80	1,107.39	1,179.37	1,256.02	1,337.67	1,424.61	1,467.35
Payout Ratio	28.18%	40.54%	52.91%	65.27%	77.64%	90.00%	92.50%
Projected Dividends (M)	293.00	448.96	623.97	819.82	1,038.51	1,282.15	1,357.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	418.18	422.14	426.10
Year 2 PV (M)	541.32	551.63	562.04
Year 3 PV (M)	662.46	681.48	700.86
Year 4 PV (M)	781.62	811.68	842.60
Year 5 PV (M)	898.83	942.24	987.32
PV of Terminal Value (M)	28,365.68	29,735.75	31,158.26
Equity Value (M)	31,668.10	33,144.93	34,677.18
Shares Outstanding (M)	1,346.06	1,346.06	1,346.06
Fair Value	$23.53	$24.62	$25.76
Upside / Downside	179.41%	192.44%	205.96%

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Zhejiang Jiahua Energy Chemical Industry Co.,Ltd. (600273.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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