DDM Analysis: 603713.SS

Valuation Snapshot

Stable Growth	$292.11 - $698.63	$654.72
Multi-Stage	$102.73 - $112.43	$107.49
Blended Fair Value	$381.10
Current Price	$63.88
Upside	496.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	46.80%	103.41%	1.49	0.98	0.92	0.47	0.29	0.22	0.03	0.02	0.04	0.00
YoY Growth	-	-	51.16%	7.06%	94.67%	62.37%	33.29%	585.77%	76.65%	-49.31%	1,984.59%	38.91%
Dividend Yield	-	-	3.00%	1.93%	0.84%	0.38%	0.24%	0.44%	0.08%	0.11%	0.22%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	599.70
(-) Cash Dividends Paid (M)	244.09
(=) Cash Retained (M)	355.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.94	74.96	44.98
Cash Retained (M)	355.61	355.61	355.61
(-) Cash Required (M)	-119.94	-74.96	-44.98
(=) Excess Retained (M)	235.67	280.65	310.64
(/) Shares Outstanding (M)	170.71	170.71	170.71
(=) Excess Retained per Share	1.38	1.64	1.82
LTM Dividend per Share	1.43	1.43	1.43
(+) Excess Retained per Share	1.38	1.64	1.82
(=) Adjusted Dividend	2.81	3.07	3.25
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$292.11	$654.72	$698.63
Upside / Downside	357.28%	924.92%	993.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	599.70	638.68	680.19	724.41	771.49	821.64	846.29
Payout Ratio	40.70%	50.56%	60.42%	70.28%	80.14%	90.00%	92.50%
Projected Dividends (M)	244.09	322.92	410.98	509.12	618.28	739.48	782.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	300.33	303.17	306.02
Year 2 PV (M)	355.47	362.24	369.08
Year 3 PV (M)	409.54	421.30	433.27
Year 4 PV (M)	462.54	480.33	498.63
Year 5 PV (M)	514.50	539.35	565.15
PV of Terminal Value (M)	15,495.18	16,243.60	17,020.67
Equity Value (M)	17,537.56	18,349.99	19,192.82
Shares Outstanding (M)	170.71	170.71	170.71
Fair Value	$102.73	$107.49	$112.43
Upside / Downside	60.82%	68.27%	76.00%

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Milkyway Chemical Supply Chain Service Co., Ltd. (603713.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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