DDM Analysis: 603663.SS

Valuation Snapshot

Stable Growth	$3.42 - $7.41	$4.89
Multi-Stage	$2.56 - $2.80	$2.68
Blended Fair Value	$3.78
Current Price	$28.70
Upside	-86.82%
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	9.30%	10.89%	0.10	0.09	0.07	0.07	0.06	0.06	0.05	0.03	0.00	0.04
YoY Growth	-	-	6.34%	33.83%	1.06%	4.25%	4.02%	27.74%	57.71%	0.00%	-100.00%	6.11%
Dividend Yield	-	-	0.42%	0.56%	0.65%	0.81%	0.83%	0.98%	0.65%	0.44%	0.00%	1.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	76.80
(-) Cash Dividends Paid (M)	34.76
(=) Cash Retained (M)	42.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.36	9.60	5.76
Cash Retained (M)	42.04	42.04	42.04
(-) Cash Required (M)	-15.36	-9.60	-5.76
(=) Excess Retained (M)	26.68	32.44	36.28
(/) Shares Outstanding (M)	433.12	433.12	433.12
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.14	0.16	0.16
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3.42	$4.89	$7.41
Upside / Downside	-88.10%	-82.97%	-74.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	76.80	81.79	87.11	92.77	98.80	105.22	108.38
Payout Ratio	45.25%	54.20%	63.15%	72.10%	81.05%	90.00%	92.50%
Projected Dividends (M)	34.76	44.33	55.01	66.89	80.08	94.70	100.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.97	40.35	40.73
Year 2 PV (M)	44.71	45.56	46.42
Year 3 PV (M)	49.01	50.42	51.85
Year 4 PV (M)	52.90	54.93	57.03
Year 5 PV (M)	56.40	59.12	61.95
PV of Terminal Value (M)	867.77	909.69	953.21
Equity Value (M)	1,110.76	1,160.07	1,211.18
Shares Outstanding (M)	433.12	433.12	433.12
Fair Value	$2.56	$2.68	$2.80
Upside / Downside	-91.06%	-90.67%	-90.26%

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Sanxiang Advanced Materials Co., Ltd. (603663.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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