DDM Analysis: 603992.SS

Valuation Snapshot

Stable Growth	$10.22 - $19.20	$13.87
Multi-Stage	$8.07 - $8.80	$8.43
Blended Fair Value	$11.15
Current Price	$31.14
Upside	-64.20%
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	24.46%	0.00%	0.44	0.45	0.12	0.19	0.16	0.15	0.08	1.17	0.01	0.01
YoY Growth	-	-	-2.75%	290.32%	-38.76%	17.94%	8.91%	87.60%	-93.25%	8,022.71%	27.32%	0.00%
Dividend Yield	-	-	1.96%	2.39%	0.69%	1.22%	0.96%	0.83%	0.40%	5.98%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	284.34
(-) Cash Dividends Paid (M)	114.43
(=) Cash Retained (M)	169.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.87	35.54	21.33
Cash Retained (M)	169.92	169.92	169.92
(-) Cash Required (M)	-56.87	-35.54	-21.33
(=) Excess Retained (M)	113.05	134.37	148.59
(/) Shares Outstanding (M)	438.50	438.50	438.50
(=) Excess Retained per Share	0.26	0.31	0.34
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.26	0.31	0.34
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	10.86%	10.86%	10.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.22	$13.87	$19.20
Upside / Downside	-67.20%	-55.47%	-38.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	284.34	302.83	322.51	343.47	365.80	389.57	401.26
Payout Ratio	40.24%	50.19%	60.15%	70.10%	80.05%	90.00%	92.50%
Projected Dividends (M)	114.43	152.00	193.98	240.76	292.82	350.62	371.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.86%	10.86%	10.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	135.83	137.11	138.40
Year 2 PV (M)	154.89	157.84	160.82
Year 3 PV (M)	171.79	176.72	181.75
Year 4 PV (M)	186.70	193.88	201.27
Year 5 PV (M)	199.77	209.41	219.43
PV of Terminal Value (M)	2,691.35	2,821.34	2,956.31
Equity Value (M)	3,540.32	3,696.31	3,857.97
Shares Outstanding (M)	438.50	438.50	438.50
Fair Value	$8.07	$8.43	$8.80
Upside / Downside	-74.07%	-72.93%	-71.75%

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Xiamen Solex High-tech Industries Co., Ltd. (603992.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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