DDM Analysis: 603637.SS

Valuation Snapshot

Stable Growth	$3.58 - $5.71	$4.55
Multi-Stage	$7.68 - $8.44	$8.05
Blended Fair Value	$6.30
Current Price	$12.42
Upside	-49.29%
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	-6.55%	0.76%	0.12	0.12	0.11	0.13	0.13	0.16	0.07	0.08	0.05	0.11
YoY Growth	-	-	0.00%	8.33%	-19.98%	2.86%	-20.06%	118.21%	-2.50%	42.22%	-50.00%	0.00%
Dividend Yield	-	-	1.21%	1.56%	1.25%	1.42%	1.75%	1.64%	0.60%	0.68%	0.29%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92.74
(-) Cash Dividends Paid (M)	47.74
(=) Cash Retained (M)	45.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.55	11.59	6.96
Cash Retained (M)	45.00	45.00	45.00
(-) Cash Required (M)	-18.55	-11.59	-6.96
(=) Excess Retained (M)	26.46	33.41	38.05
(/) Shares Outstanding (M)	267.32	267.32	267.32
(=) Excess Retained per Share	0.10	0.12	0.14
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.10	0.12	0.14
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-1.24%	-0.24%	0.76%
Fair Value	$3.58	$4.55	$5.71
Upside / Downside	-71.20%	-63.40%	-54.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92.74	92.52	92.29	92.07	91.85	91.62	94.37
Payout Ratio	51.47%	59.18%	66.88%	74.59%	82.29%	90.00%	92.50%
Projected Dividends (M)	47.74	54.75	61.73	68.67	75.58	82.46	87.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-1.24%	-0.24%	0.76%
Year 1 PV (M)	50.93	51.45	51.96
Year 2 PV (M)	53.42	54.51	55.60
Year 3 PV (M)	55.28	56.98	58.71
Year 4 PV (M)	56.60	58.93	61.33
Year 5 PV (M)	57.44	60.41	63.50
PV of Terminal Value (M)	1,778.02	1,869.88	1,965.50
Equity Value (M)	2,051.70	2,152.15	2,256.60
Shares Outstanding (M)	267.32	267.32	267.32
Fair Value	$7.68	$8.05	$8.44
Upside / Downside	-38.20%	-35.18%	-32.03%

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Zhenhai Petrochemical Engineering Co. Ltd. (603637.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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