DDM Analysis: 605488.SS

Valuation Snapshot

Stable Growth	$9.25 - $17.29	$12.53
Multi-Stage	$21.53 - $23.69	$22.59
Blended Fair Value	$17.56
Current Price	$36.15
Upside	-51.43%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	1.93%	0.00%	0.30	0.25	0.31	0.29	0.29	0.28	0.07	0.01	0.00	0.00
YoY Growth	-	-	21.19%	-19.82%	9.45%	-2.10%	5.66%	294.63%	419.22%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.95%	2.57%	3.19%	2.34%	2.02%	1.91%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.70
(-) Cash Dividends Paid (M)	66.09
(=) Cash Retained (M)	67.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.74	16.71	10.03
Cash Retained (M)	67.61	67.61	67.61
(-) Cash Required (M)	-26.74	-16.71	-10.03
(=) Excess Retained (M)	40.87	50.89	57.58
(/) Shares Outstanding (M)	213.28	213.28	213.28
(=) Excess Retained per Share	0.19	0.24	0.27
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.19	0.24	0.27
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	5.34%	5.34%	5.34%
Growth Rate	-0.07%	0.93%	1.93%
Fair Value	$9.25	$12.53	$17.29
Upside / Downside	-74.41%	-65.34%	-52.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.70	134.93	136.18	137.44	138.72	140.00	144.20
Payout Ratio	49.43%	57.55%	65.66%	73.77%	81.89%	90.00%	92.50%
Projected Dividends (M)	66.09	77.65	89.42	101.40	113.59	126.00	133.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.34%	5.34%	5.34%
Growth Rate	-0.07%	0.93%	1.93%
Year 1 PV (M)	72.98	73.71	74.44
Year 2 PV (M)	78.99	80.58	82.18
Year 3 PV (M)	84.18	86.74	89.34
Year 4 PV (M)	88.64	92.24	95.95
Year 5 PV (M)	92.41	97.12	102.03
PV of Terminal Value (M)	4,174.27	4,387.36	4,609.06
Equity Value (M)	4,591.46	4,817.74	5,053.01
Shares Outstanding (M)	213.28	213.28	213.28
Fair Value	$21.53	$22.59	$23.69
Upside / Downside	-40.45%	-37.51%	-34.46%

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Zhejiang Fulai New Material Co.,Ltd. (605488.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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