DDM Analysis: 603225.SS

Valuation Snapshot

Stable Growth	$70.80 - $142.56	$133.60
Multi-Stage	$22.11 - $24.20	$23.13
Blended Fair Value	$78.37
Current Price	$16.24
Upside	382.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	50.37%	20.90%	0.79	0.53	0.23	0.12	0.12	0.10	0.11	0.02	0.01	0.17
YoY Growth	-	-	48.95%	132.66%	87.18%	-0.22%	18.80%	-2.15%	496.61%	150.00%	-95.90%	45.06%
Dividend Yield	-	-	6.69%	3.59%	2.11%	1.06%	0.74%	1.00%	0.71%	0.10%	0.04%	0.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,064.07
(-) Cash Dividends Paid (M)	510.94
(=) Cash Retained (M)	553.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	212.81	133.01	79.81
Cash Retained (M)	553.13	553.13	553.13
(-) Cash Required (M)	-212.81	-133.01	-79.81
(=) Excess Retained (M)	340.32	420.12	473.33
(/) Shares Outstanding (M)	1,484.43	1,484.43	1,484.43
(=) Excess Retained per Share	0.23	0.28	0.32
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.23	0.28	0.32
(=) Adjusted Dividend	0.57	0.63	0.66
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70.80	$133.60	$142.56
Upside / Downside	335.99%	722.64%	777.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,064.07	1,133.24	1,206.90	1,285.35	1,368.89	1,457.87	1,501.61
Payout Ratio	48.02%	56.41%	64.81%	73.21%	81.60%	90.00%	92.50%
Projected Dividends (M)	510.94	639.30	782.20	940.96	1,117.06	1,312.08	1,388.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	595.46	601.11	606.75
Year 2 PV (M)	678.59	691.52	704.57
Year 3 PV (M)	760.35	782.18	804.42
Year 4 PV (M)	840.75	873.08	906.34
Year 5 PV (M)	919.81	964.23	1,010.36
PV of Terminal Value (M)	29,027.54	30,429.58	31,885.28
Equity Value (M)	32,822.51	34,341.70	35,917.72
Shares Outstanding (M)	1,484.43	1,484.43	1,484.43
Fair Value	$22.11	$23.13	$24.20
Upside / Downside	36.15%	42.45%	48.99%

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Xinfengming Group Co., Ltd. (603225.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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