DDM Analysis: 603790.SS

Valuation Snapshot

Stable Growth	$2.19 - $3.20	$2.67
Multi-Stage	$6.08 - $6.70	$6.38
Blended Fair Value	$4.53
Current Price	$25.92
Upside	-82.53%
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	-10.30%	28.31%	0.13	0.08	0.12	0.10	0.20	0.23	0.17	0.07	0.22	0.02
YoY Growth	-	-	67.47%	-32.34%	19.69%	-50.61%	-13.33%	33.33%	147.80%	-69.12%	872.06%	110.14%
Dividend Yield	-	-	0.83%	0.69%	1.03%	0.95%	1.88%	1.57%	0.81%	0.57%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	57.30
(-) Cash Dividends Paid (M)	25.81
(=) Cash Retained (M)	31.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.46	7.16	4.30
Cash Retained (M)	31.50	31.50	31.50
(-) Cash Required (M)	-11.46	-7.16	-4.30
(=) Excess Retained (M)	20.04	24.33	27.20
(/) Shares Outstanding (M)	194.45	194.45	194.45
(=) Excess Retained per Share	0.10	0.13	0.14
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.10	0.13	0.14
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	6.17%	6.17%	6.17%
Growth Rate	-4.17%	-3.17%	-2.17%
Fair Value	$2.19	$2.67	$3.20
Upside / Downside	-91.57%	-89.68%	-87.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	57.30	55.49	53.73	52.03	50.38	48.78	50.25
Payout Ratio	45.04%	54.03%	63.02%	72.01%	81.01%	90.00%	92.50%
Projected Dividends (M)	25.81	29.98	33.86	37.47	40.81	43.90	46.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.17%	6.17%	6.17%
Growth Rate	-4.17%	-3.17%	-2.17%
Year 1 PV (M)	27.95	28.24	28.53
Year 2 PV (M)	29.42	30.04	30.66
Year 3 PV (M)	30.35	31.31	32.29
Year 4 PV (M)	30.81	32.12	33.47
Year 5 PV (M)	30.90	32.55	34.26
PV of Terminal Value (M)	1,032.04	1,087.02	1,144.32
Equity Value (M)	1,181.47	1,241.27	1,303.53
Shares Outstanding (M)	194.45	194.45	194.45
Fair Value	$6.08	$6.38	$6.70
Upside / Downside	-76.56%	-75.37%	-74.14%

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Argus (Shanghai) Textile Chemicals Co.,Ltd. (603790.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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