DDM Analysis: 000525.SZ

Valuation Snapshot

Stable Growth	$0.22 - $0.30	$0.26
Multi-Stage	$0.49 - $0.54	$0.51
Blended Fair Value	$0.39
Current Price	$6.16
Upside	-93.72%
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	-9.39%	7.69%	0.03	0.03	0.08	0.09	0.15	0.06	0.19	0.11	0.19	0.05
YoY Growth	-	-	3.65%	-56.73%	-14.53%	-39.68%	164.06%	-70.00%	66.67%	-40.00%	281.65%	200.00%
Dividend Yield	-	-	0.54%	0.56%	1.14%	1.75%	3.75%	0.90%	1.80%	0.78%	1.49%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	89.81
(-) Cash Dividends Paid (M)	37.35
(=) Cash Retained (M)	52.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.96	11.23	6.74
Cash Retained (M)	52.46	52.46	52.46
(-) Cash Required (M)	-17.96	-11.23	-6.74
(=) Excess Retained (M)	34.50	41.23	45.72
(/) Shares Outstanding (M)	1,543.27	1,543.27	1,543.27
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.05	0.05	0.05
WACC / Discount Rate	8.82%	8.82%	8.82%
Growth Rate	-9.85%	-8.85%	-7.85%
Fair Value	$0.22	$0.26	$0.30
Upside / Downside	-96.35%	-95.74%	-95.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	89.81	81.86	74.61	68.01	61.99	56.50	58.19
Payout Ratio	41.59%	51.27%	60.95%	70.63%	80.32%	90.00%	92.50%
Projected Dividends (M)	37.35	41.97	45.48	48.04	49.79	50.85	53.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.82%	8.82%	8.82%
Growth Rate	-9.85%	-8.85%	-7.85%
Year 1 PV (M)	38.14	38.57	38.99
Year 2 PV (M)	37.56	38.40	39.25
Year 3 PV (M)	36.06	37.27	38.51
Year 4 PV (M)	33.97	35.50	37.08
Year 5 PV (M)	31.53	33.32	35.18
PV of Terminal Value (M)	573.08	605.58	639.54
Equity Value (M)	750.34	788.64	828.56
Shares Outstanding (M)	1,543.27	1,543.27	1,543.27
Fair Value	$0.49	$0.51	$0.54
Upside / Downside	-92.11%	-91.70%	-91.28%

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Nanjing Red Sun Co.,Ltd. (000525.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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