DDM Analysis: 603005.SS

Valuation Snapshot

Stable Growth	$9.86 - $20.96	$14.01
Multi-Stage	$7.03 - $7.69	$7.35
Blended Fair Value	$10.68
Current Price	$32.35
Upside	-66.99%
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	16.24%	0.19%	0.05	0.08	0.18	0.12	0.04	0.03	0.03	0.02	0.04	0.06
YoY Growth	-	-	-36.83%	-52.93%	46.18%	247.21%	40.64%	-15.25%	66.67%	-53.64%	-38.89%	20.00%
Dividend Yield	-	-	0.17%	0.46%	0.72%	0.53%	0.11%	0.07%	0.36%	0.16%	0.31%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	342.05
(-) Cash Dividends Paid (M)	1.79
(=) Cash Retained (M)	340.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68.41	42.76	25.65
Cash Retained (M)	340.25	340.25	340.25
(-) Cash Required (M)	-68.41	-42.76	-25.65
(=) Excess Retained (M)	271.84	297.50	314.60
(/) Shares Outstanding (M)	652.15	652.15	652.15
(=) Excess Retained per Share	0.42	0.46	0.48
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.42	0.46	0.48
(=) Adjusted Dividend	0.42	0.46	0.49
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.86	$14.01	$20.96
Upside / Downside	-69.52%	-56.69%	-35.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	342.05	364.28	387.96	413.17	440.03	468.63	482.69
Payout Ratio	0.52%	18.42%	36.31%	54.21%	72.10%	90.00%	92.50%
Projected Dividends (M)	1.79	67.10	140.89	223.98	317.28	421.77	446.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	60.43	61.00	61.58
Year 2 PV (M)	114.28	116.46	118.66
Year 3 PV (M)	163.63	168.33	173.12
Year 4 PV (M)	208.77	216.80	225.06
Year 5 PV (M)	249.95	262.02	274.55
PV of Terminal Value (M)	3,786.05	3,968.92	4,158.79
Equity Value (M)	4,583.12	4,793.53	5,011.75
Shares Outstanding (M)	652.15	652.15	652.15
Fair Value	$7.03	$7.35	$7.69
Upside / Downside	-78.28%	-77.28%	-76.24%

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VHI	Valhi, Inc.	2.63%	$0.32	49.46%
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UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
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FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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China Wafer Level CSP Co., Ltd. (603005.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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