DDM Analysis: 603329.SS

Valuation Snapshot

Stable Growth	$3.86 - $8.06	$5.45
Multi-Stage	$3.19 - $3.47	$3.33
Blended Fair Value	$4.39
Current Price	$11.14
Upside	-60.61%
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	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	9.76%	9.76%	9.76%
Growth Rate	5.18%	6.18%	7.18%
Fair Value	$3.86	$5.45	$8.06
Upside / Downside	-65.35%	-51.08%	-27.62%

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	9.76%	9.76%	9.76%
Growth Rate	5.18%	6.18%	7.18%
Year 1 PV (M)	27.96	28.22	28.49
Year 2 PV (M)	27.50	28.03	28.56
Year 3 PV (M)	27.04	27.82	28.61
Year 4 PV (M)	26.57	27.59	28.65
Year 5 PV (M)	26.09	27.35	28.66
PV of Terminal Value (M)	408.31	428.10	448.64
Equity Value (M)	543.47	567.11	591.61
Shares Outstanding (M)	170.49	170.49	170.49
Fair Value	$3.19	$3.33	$3.47
Upside / Downside	-71.39%	-70.14%	-68.85%

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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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