DDM Analysis: 605158.SS

Valuation Snapshot

Stable Growth	$32.73 - $65.48	$61.36
Multi-Stage	$10.23 - $11.19	$10.70
Blended Fair Value	$36.03
Current Price	$8.37
Upside	330.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	43.10%	13.83%	0.27	0.15	0.11	0.21	0.03	0.05	0.04	0.03	0.11	0.06
YoY Growth	-	-	88.25%	28.82%	-45.57%	579.58%	-33.10%	9.34%	42.05%	-73.63%	74.88%	-15.07%
Dividend Yield	-	-	3.15%	1.82%	1.68%	3.00%	0.33%	0.48%	0.44%	0.00%	1.18%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	163.70
(-) Cash Dividends Paid (M)	93.55
(=) Cash Retained (M)	70.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.74	20.46	12.28
Cash Retained (M)	70.14	70.14	70.14
(-) Cash Required (M)	-32.74	-20.46	-12.28
(=) Excess Retained (M)	37.40	49.68	57.87
(/) Shares Outstanding (M)	497.21	497.21	497.21
(=) Excess Retained per Share	0.08	0.10	0.12
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.08	0.10	0.12
(=) Adjusted Dividend	0.26	0.29	0.30
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.73	$61.36	$65.48
Upside / Downside	291.06%	633.10%	682.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	163.70	174.34	185.67	197.74	210.59	224.28	231.01
Payout Ratio	57.15%	63.72%	70.29%	76.86%	83.43%	90.00%	92.50%
Projected Dividends (M)	93.55	111.09	130.51	151.98	175.70	201.85	213.68

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)	103.48	104.46	105.44
Year 2 PV (M)	113.23	115.39	117.57
Year 3 PV (M)	122.83	126.36	129.95
Year 4 PV (M)	132.26	137.35	142.58
Year 5 PV (M)	141.54	148.38	155.48
PV of Terminal Value (M)	4,474.15	4,690.25	4,914.62
Equity Value (M)	5,087.49	5,322.18	5,565.64
Shares Outstanding (M)	497.21	497.21	497.21
Fair Value	$10.23	$10.70	$11.19
Upside / Downside	22.25%	27.89%	33.74%

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Zhejiang Huada New Materials Co., Ltd. (605158.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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