DDM Analysis: 603901.SS

Valuation Snapshot

Stable Growth	$23.34 - $27.50	$25.77
Multi-Stage	$15.84 - $17.38	$16.60
Blended Fair Value	$21.18
Current Price	$11.74
Upside	80.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.94%	13.37%	0.18	0.14	0.17	0.13	0.07	0.05	0.04	0.07	0.03	0.03
YoY Growth	-	-	29.62%	-19.30%	34.80%	91.82%	26.75%	19.02%	-38.92%	151.87%	-12.46%	-36.17%
Dividend Yield	-	-	1.71%	1.52%	1.14%	0.94%	0.59%	0.64%	0.52%	0.83%	0.20%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.69
(-) Cash Dividends Paid (M)	27.92
(=) Cash Retained (M)	35.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.74	7.96	4.78
Cash Retained (M)	35.77	35.77	35.77
(-) Cash Required (M)	-12.74	-7.96	-4.78
(=) Excess Retained (M)	23.03	27.81	30.99
(/) Shares Outstanding (M)	460.59	460.59	460.59
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	2.40%	2.40%	2.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.34	$25.77	$27.50
Upside / Downside	98.81%	119.51%	134.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.69	67.83	72.24	76.93	81.93	87.26	89.87
Payout Ratio	43.84%	53.07%	62.30%	71.54%	80.77%	90.00%	92.50%
Projected Dividends (M)	27.92	36.00	45.01	55.03	66.17	78.53	83.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.40%	2.40%	2.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34.82	35.15	35.48
Year 2 PV (M)	42.12	42.92	43.73
Year 3 PV (M)	49.83	51.26	52.72
Year 4 PV (M)	57.96	60.19	62.49
Year 5 PV (M)	66.55	69.76	73.10
PV of Terminal Value (M)	7,044.78	7,385.05	7,738.34
Equity Value (M)	7,296.07	7,644.34	8,005.86
Shares Outstanding (M)	460.59	460.59	460.59
Fair Value	$15.84	$16.60	$17.38
Upside / Downside	34.93%	41.37%	48.06%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Hangzhou Youngsun Intelligent Equipment Co., Ltd. (603901.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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