DDM Analysis: 603969.SS

Valuation Snapshot

Stable Growth	$7.29 - $15.52	$10.36
Multi-Stage	$8.85 - $9.72	$9.28
Blended Fair Value	$9.82
Current Price	$10.77
Upside	-8.81%
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	-7.93%	7.17%	0.09	0.08	0.03	0.09	0.09	0.14	0.09	0.11	0.07	0.04
YoY Growth	-	-	20.82%	195.21%	-72.56%	5.42%	-35.87%	53.27%	-16.40%	55.26%	62.79%	-6.76%
Dividend Yield	-	-	1.53%	1.35%	0.54%	1.74%	1.97%	3.50%	1.39%	1.68%	0.93%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	341.03
(-) Cash Dividends Paid (M)	26.52
(=) Cash Retained (M)	314.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68.21	42.63	25.58
Cash Retained (M)	314.51	314.51	314.51
(-) Cash Required (M)	-68.21	-42.63	-25.58
(=) Excess Retained (M)	246.30	271.88	288.93
(/) Shares Outstanding (M)	855.34	855.34	855.34
(=) Excess Retained per Share	0.29	0.32	0.34
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.29	0.32	0.34
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	6.89%	6.89%	6.89%
Growth Rate	2.41%	3.41%	4.41%
Fair Value	$7.29	$10.36	$15.52
Upside / Downside	-32.31%	-3.76%	44.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	341.03	352.67	364.71	377.16	390.03	403.35	415.45
Payout Ratio	7.78%	24.22%	40.67%	57.11%	73.56%	90.00%	92.50%
Projected Dividends (M)	26.52	85.42	148.31	215.40	286.89	363.01	384.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.89%	6.89%	6.89%
Growth Rate	2.41%	3.41%	4.41%
Year 1 PV (M)	79.14	79.91	80.69
Year 2 PV (M)	127.30	129.80	132.32
Year 3 PV (M)	171.28	176.35	181.52
Year 4 PV (M)	211.36	219.73	228.36
Year 5 PV (M)	247.77	260.10	272.93
PV of Terminal Value (M)	6,735.21	7,070.52	7,419.05
Equity Value (M)	7,572.06	7,936.42	8,314.86
Shares Outstanding (M)	855.34	855.34	855.34
Fair Value	$8.85	$9.28	$9.72
Upside / Downside	-17.80%	-13.85%	-9.74%

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Silvery Dragon Prestressed Materials Co., Ltd. (Tianjin) (603969.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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