DDM Analysis: 002442.SZ

Valuation Snapshot

Stable Growth	$14.96 - $34.77	$32.59
Multi-Stage	$5.36 - $5.85	$5.60
Blended Fair Value	$19.09
Current Price	$6.26
Upside	205.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.23%	19.17%	0.21	0.10	0.16	0.06	0.07	0.09	0.08	0.10	0.11	0.16
YoY Growth	-	-	107.29%	-37.65%	156.41%	-12.37%	-20.46%	9.40%	-12.00%	-13.55%	-28.66%	321.04%
Dividend Yield	-	-	3.34%	2.09%	3.12%	1.05%	1.56%	2.37%	1.04%	0.83%	0.84%	1.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90.98
(-) Cash Dividends Paid (M)	90.79
(=) Cash Retained (M)	0.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.20	11.37	6.82
Cash Retained (M)	0.19	0.19	0.19
(-) Cash Required (M)	-18.20	-11.37	-6.82
(=) Excess Retained (M)	-18.01	-11.18	-6.63
(/) Shares Outstanding (M)	520.34	520.34	520.34
(=) Excess Retained per Share	-0.03	-0.02	-0.01
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	-0.03	-0.02	-0.01
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.96	$32.59	$34.77
Upside / Downside	139.03%	420.54%	455.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90.98	96.89	103.19	109.90	117.04	124.65	128.39
Payout Ratio	99.79%	97.83%	95.88%	93.92%	91.96%	90.00%	92.50%
Projected Dividends (M)	90.79	94.79	98.93	103.21	107.63	112.18	118.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	88.18	89.02	89.85
Year 2 PV (M)	85.62	87.25	88.89
Year 3 PV (M)	83.09	85.48	87.91
Year 4 PV (M)	80.60	83.70	86.89
Year 5 PV (M)	78.16	81.93	85.85
PV of Terminal Value (M)	2,373.30	2,487.94	2,606.95
Equity Value (M)	2,788.95	2,915.31	3,046.35
Shares Outstanding (M)	520.34	520.34	520.34
Fair Value	$5.36	$5.60	$5.85
Upside / Downside	-14.38%	-10.50%	-6.48%

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Longxing Chemical Stock Co., Ltd. (002442.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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