DDM Analysis: 300758.SZ

Valuation Snapshot

Stable Growth	$33.49 - $39.46	$36.98
Multi-Stage	$7.65 - $8.38	$8.00
Blended Fair Value	$22.49
Current Price	$13.65
Upside	64.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.46%	12.11%	0.14	0.09	0.27	0.36	0.23	0.12	0.02	0.14	0.23	0.04
YoY Growth	-	-	52.82%	-66.89%	-23.74%	57.71%	85.52%	521.92%	-86.15%	-37.02%	499.28%	-14.48%
Dividend Yield	-	-	1.07%	1.05%	2.25%	3.00%	1.70%	1.39%	0.13%	1.37%	2.17%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	78.09
(-) Cash Dividends Paid (M)	28.48
(=) Cash Retained (M)	49.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.62	9.76	5.86
Cash Retained (M)	49.61	49.61	49.61
(-) Cash Required (M)	-15.62	-9.76	-5.86
(=) Excess Retained (M)	33.99	39.85	43.75
(/) Shares Outstanding (M)	393.57	393.57	393.57
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	5.69%	5.69%	5.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$33.49	$36.98	$39.46
Upside / Downside	145.37%	170.91%	189.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	78.09	83.17	88.57	94.33	100.46	106.99	110.20
Payout Ratio	36.47%	47.18%	57.88%	68.59%	79.29%	90.00%	92.50%
Projected Dividends (M)	28.48	39.24	51.27	64.70	79.66	96.29	101.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.69%	5.69%	5.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	36.77	37.12	37.47
Year 2 PV (M)	45.04	45.90	46.76
Year 3 PV (M)	53.27	54.80	56.36
Year 4 PV (M)	61.48	63.85	66.28
Year 5 PV (M)	69.66	73.02	76.51
PV of Terminal Value (M)	2,742.80	2,875.28	3,012.83
Equity Value (M)	3,009.03	3,149.97	3,296.22
Shares Outstanding (M)	393.57	393.57	393.57
Fair Value	$7.65	$8.00	$8.38
Upside / Downside	-43.99%	-41.37%	-38.64%

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Anshan Hifichem Co., Ltd. (300758.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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