DDM Analysis: 603329.SS

Valuation Snapshot

Stable Growth	$13.30 - $41.73	$39.11
Multi-Stage	$6.24 - $6.82	$6.52
Blended Fair Value	$22.81
Current Price	$11.14
Upside	104.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.18%	2.61%	0.30	0.41	0.40	0.23	0.06	0.22	0.26	0.25	0.21	0.26
YoY Growth	-	-	-25.79%	2.41%	75.17%	291.54%	-72.87%	-15.94%	1.93%	22.58%	-21.06%	10.39%
Dividend Yield	-	-	2.93%	3.95%	3.41%	2.28%	0.62%	2.58%	1.90%	1.04%	1.76%	2.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.88
(-) Cash Dividends Paid (M)	28.40
(=) Cash Retained (M)	7.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.18	4.49	2.69
Cash Retained (M)	7.49	7.49	7.49
(-) Cash Required (M)	-7.18	-4.49	-2.69
(=) Excess Retained (M)	0.31	3.00	4.80
(/) Shares Outstanding (M)	170.49	170.49	170.49
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.18%	6.18%	7.18%
Fair Value	$13.30	$39.11	$41.73
Upside / Downside	19.37%	251.04%	274.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.88	38.10	40.45	42.95	45.60	48.42	49.87
Payout Ratio	79.14%	81.31%	83.48%	85.65%	87.83%	90.00%	92.50%
Projected Dividends (M)	28.40	30.98	33.77	36.79	40.05	43.58	46.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.18%	6.18%	7.18%
Year 1 PV (M)	28.81	29.08	29.36
Year 2 PV (M)	29.21	29.77	30.33
Year 3 PV (M)	29.60	30.45	31.32
Year 4 PV (M)	29.97	31.12	32.31
Year 5 PV (M)	30.32	31.79	33.32
PV of Terminal Value (M)	915.30	959.65	1,005.70
Equity Value (M)	1,063.21	1,111.87	1,162.34
Shares Outstanding (M)	170.49	170.49	170.49
Fair Value	$6.24	$6.52	$6.82
Upside / Downside	-44.02%	-41.46%	-38.80%

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Shanghai Ace Investment & Development Co., Ltd. (603329.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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