DDM Analysis: 003037.SZ

Valuation Snapshot

Stable Growth	$1.39 - $2.20	$1.76
Multi-Stage	$3.51 - $3.87	$3.68
Blended Fair Value	$2.72
Current Price	$7.91
Upside	-65.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-17.99%	0.00%	0.14	0.21	0.17	0.17	0.05	0.38	0.33	0.24	0.13	0.00
YoY Growth	-	-	-31.44%	20.98%	-0.70%	279.30%	-88.12%	16.65%	38.51%	82.16%	0.00%	0.00%
Dividend Yield	-	-	2.34%	2.36%	1.41%	1.60%	0.25%	4.15%	3.55%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.89
(-) Cash Dividends Paid (M)	42.57
(=) Cash Retained (M)	42.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.98	10.61	6.37
Cash Retained (M)	42.33	42.33	42.33
(-) Cash Required (M)	-16.98	-10.61	-6.37
(=) Excess Retained (M)	25.35	31.71	35.96
(/) Shares Outstanding (M)	600.82	600.82	600.82
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	5.94%	5.94%	5.94%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.39	$1.76	$2.20
Upside / Downside	-82.37%	-77.71%	-72.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.89	84.04	83.20	82.37	81.55	80.73	83.16
Payout Ratio	50.14%	58.11%	66.09%	74.06%	82.03%	90.00%	92.50%
Projected Dividends (M)	42.57	48.84	54.99	61.00	66.89	72.66	76.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.94%	5.94%	5.94%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	45.64	46.10	46.57
Year 2 PV (M)	48.01	48.99	49.99
Year 3 PV (M)	49.76	51.30	52.87
Year 4 PV (M)	50.99	53.10	55.28
Year 5 PV (M)	51.75	54.45	57.25
PV of Terminal Value (M)	1,862.41	1,959.39	2,060.37
Equity Value (M)	2,108.56	2,213.34	2,322.33
Shares Outstanding (M)	600.82	600.82	600.82
Fair Value	$3.51	$3.68	$3.87
Upside / Downside	-55.63%	-53.43%	-51.13%

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Guangdong Sanhe Pile Co., Ltd. (003037.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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