DDM Analysis: 603585.SS

Valuation Snapshot

Stable Growth	$15.00 - $43.04	$23.49
Multi-Stage	$16.83 - $18.46	$17.63
Blended Fair Value	$20.56
Current Price	$18.28
Upside	12.46%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.70%	22.35%	0.28	0.58	0.34	0.28	0.56	0.56	0.39	0.31	0.00	0.02
YoY Growth	-	-	-50.81%	69.78%	21.64%	-50.00%	-0.20%	44.29%	25.00%	0.00%	-100.00%	-58.25%
Dividend Yield	-	-	1.97%	4.75%	1.88%	1.61%	3.61%	2.84%	1.48%	1.28%	0.00%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	119.78
(-) Cash Dividends Paid (M)	42.77
(=) Cash Retained (M)	77.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.96	14.97	8.98
Cash Retained (M)	77.02	77.02	77.02
(-) Cash Required (M)	-23.96	-14.97	-8.98
(=) Excess Retained (M)	53.06	62.04	68.03
(/) Shares Outstanding (M)	193.75	193.75	193.75
(=) Excess Retained per Share	0.27	0.32	0.35
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.27	0.32	0.35
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	2.96%	3.96%	4.96%
Fair Value	$15.00	$23.49	$43.04
Upside / Downside	-17.93%	28.48%	135.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	119.78	124.52	129.46	134.58	139.91	145.45	149.81
Payout Ratio	35.70%	46.56%	57.42%	68.28%	79.14%	90.00%	92.50%
Projected Dividends (M)	42.77	57.98	74.34	91.89	110.73	130.91	138.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	2.96%	3.96%	4.96%
Year 1 PV (M)	53.99	54.52	55.04
Year 2 PV (M)	64.46	65.72	66.99
Year 3 PV (M)	74.20	76.39	78.61
Year 4 PV (M)	83.26	86.54	89.92
Year 5 PV (M)	91.66	96.20	100.92
PV of Terminal Value (M)	2,892.89	3,036.14	3,185.00
Equity Value (M)	3,260.47	3,415.50	3,576.48
Shares Outstanding (M)	193.75	193.75	193.75
Fair Value	$16.83	$17.63	$18.46
Upside / Downside	-7.94%	-3.56%	0.98%

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Suli Co., Ltd. (603585.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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