DDM Analysis: 688398.SS

Valuation Snapshot

Stable Growth	$38.08 - $44.87	$42.05
Multi-Stage	$7.87 - $8.62	$8.24
Blended Fair Value	$25.14
Current Price	$19.01
Upside	32.27%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2014
DPS	57.63%	47.61%	0.35	0.12	0.22	0.17	0.14	0.04	0.02	0.01	0.04	0.01
YoY Growth	-	-	192.00%	-44.44%	25.00%	20.00%	300.00%	105.13%	83.57%	-77.08%	182.48%	106.91%
Dividend Yield	-	-	2.16%	0.58%	1.04%	1.01%	0.75%	0.17%	0.04%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.47
(-) Cash Dividends Paid (M)	12.34
(=) Cash Retained (M)	25.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.49	4.68	2.81
Cash Retained (M)	25.13	25.13	25.13
(-) Cash Required (M)	-7.49	-4.68	-2.81
(=) Excess Retained (M)	17.64	20.45	22.32
(/) Shares Outstanding (M)	166.07	166.07	166.07
(=) Excess Retained per Share	0.11	0.12	0.13
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.11	0.12	0.13
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	5.95%	5.95%	5.95%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.08	$42.05	$44.87
Upside / Downside	100.33%	121.19%	136.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.47	39.90	42.50	45.26	48.20	51.33	52.87
Payout Ratio	32.93%	44.35%	55.76%	67.17%	78.59%	90.00%	92.50%
Projected Dividends (M)	12.34	17.70	23.70	30.40	37.88	46.20	48.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.95%	5.95%	5.95%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16.54	16.70	16.86
Year 2 PV (M)	20.71	21.11	21.51
Year 3 PV (M)	24.85	25.56	26.29
Year 4 PV (M)	28.94	30.06	31.20
Year 5 PV (M)	33.01	34.60	36.26
PV of Terminal Value (M)	1,183.42	1,240.58	1,299.92
Equity Value (M)	1,307.47	1,368.60	1,432.03
Shares Outstanding (M)	166.07	166.07	166.07
Fair Value	$7.87	$8.24	$8.62
Upside / Downside	-58.59%	-56.65%	-54.64%

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Fujian Supertech Advanced Material Co., Ltd. (688398.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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