DDM Analysis: 001358.SZ

Valuation Snapshot

Stable Growth	$4.85 - $7.53	$6.09
Multi-Stage	$11.64 - $12.78	$12.20
Blended Fair Value	$9.14
Current Price	$31.86
Upside	-71.30%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.86	0.01	0.02	0.27	0.22	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	7,382.12%	-30.59%	-93.81%	20.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.81%	0.04%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.62
(-) Cash Dividends Paid (M)	60.68
(=) Cash Retained (M)	2.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.72	7.95	4.77
Cash Retained (M)	2.94	2.94	2.94
(-) Cash Required (M)	-12.72	-7.95	-4.77
(=) Excess Retained (M)	-9.78	-5.01	-1.83
(/) Shares Outstanding (M)	123.04	123.04	123.04
(=) Excess Retained per Share	-0.08	-0.04	-0.01
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	-0.08	-0.04	-0.01
(=) Adjusted Dividend	0.41	0.45	0.48
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.85	$6.09	$7.53
Upside / Downside	-84.77%	-80.88%	-76.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.62	62.98	62.35	61.73	61.11	60.50	62.32
Payout Ratio	95.37%	94.30%	93.22%	92.15%	91.07%	90.00%	92.50%
Projected Dividends (M)	60.68	59.39	58.13	56.88	55.66	54.45	57.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	55.28	55.84	56.41
Year 2 PV (M)	50.36	51.39	52.43
Year 3 PV (M)	45.87	47.28	48.73
Year 4 PV (M)	41.77	43.50	45.29
Year 5 PV (M)	38.04	40.02	42.08
PV of Terminal Value (M)	1,200.32	1,262.82	1,327.90
Equity Value (M)	1,431.63	1,500.86	1,572.84
Shares Outstanding (M)	123.04	123.04	123.04
Fair Value	$11.64	$12.20	$12.78
Upside / Downside	-63.48%	-61.71%	-59.88%

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Shaoxing Xingxin New Materials Co Ltd (001358.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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