DDM Analysis: 688338.SS

Valuation Snapshot

Stable Growth	$19.91 - $50.47	$30.02
Multi-Stage	$18.12 - $19.84	$18.96
Blended Fair Value	$24.49
Current Price	$26.52
Upside	-7.65%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	95.76%	0.00%	0.26	0.20	0.19	0.31	0.11	0.01	0.04	0.18	0.03	0.00
YoY Growth	-	-	30.00%	4.00%	-37.50%	172.16%	1,150.00%	-76.24%	-79.05%	482.37%	0.00%	0.00%
Dividend Yield	-	-	1.06%	0.80%	0.52%	1.02%	0.32%	0.01%	0.03%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.90
(-) Cash Dividends Paid (M)	34.34
(=) Cash Retained (M)	59.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.78	11.74	7.04
Cash Retained (M)	59.56	59.56	59.56
(-) Cash Required (M)	-18.78	-11.74	-7.04
(=) Excess Retained (M)	40.78	47.82	52.52
(/) Shares Outstanding (M)	104.91	104.91	104.91
(=) Excess Retained per Share	0.39	0.46	0.50
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.39	0.46	0.50
(=) Adjusted Dividend	0.72	0.78	0.83
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	3.91%	4.91%	5.91%
Fair Value	$19.91	$30.02	$50.47
Upside / Downside	-24.93%	13.18%	90.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.90	98.51	103.34	108.41	113.73	119.31	122.89
Payout Ratio	36.57%	47.25%	57.94%	68.63%	79.31%	90.00%	92.50%
Projected Dividends (M)	34.34	46.55	59.88	74.40	90.20	107.38	113.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	3.91%	4.91%	5.91%
Year 1 PV (M)	42.83	43.24	43.66
Year 2 PV (M)	50.69	51.67	52.66
Year 3 PV (M)	57.96	59.65	61.37
Year 4 PV (M)	64.66	67.18	69.78
Year 5 PV (M)	70.82	74.30	77.91
PV of Terminal Value (M)	1,614.34	1,693.53	1,775.80
Equity Value (M)	1,901.31	1,989.58	2,081.18
Shares Outstanding (M)	104.91	104.91	104.91
Fair Value	$18.12	$18.96	$19.84
Upside / Downside	-31.66%	-28.49%	-25.20%

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PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
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VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
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BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
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JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
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FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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Beijing Succeeder Technology Inc. (688338.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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