DDM Analysis: 002648.SZ

Valuation Snapshot

Stable Growth	$156.43 - $363.52	$340.67
Multi-Stage	$53.59 - $58.67	$56.08
Blended Fair Value	$198.38
Current Price	$19.34
Upside	925.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.38%	20.45%	0.53	0.16	0.67	0.29	0.06	0.09	0.06	0.06	0.03	0.03
YoY Growth	-	-	222.32%	-75.72%	131.35%	407.72%	-36.33%	49.89%	3.99%	76.52%	-6.64%	-57.26%
Dividend Yield	-	-	2.29%	0.88%	4.20%	1.44%	0.42%	1.89%	1.02%	1.01%	0.70%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,134.13
(-) Cash Dividends Paid (M)	1,941.15
(=) Cash Retained (M)	4,192.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,226.83	766.77	460.06
Cash Retained (M)	4,192.98	4,192.98	4,192.98
(-) Cash Required (M)	-1,226.83	-766.77	-460.06
(=) Excess Retained (M)	2,966.15	3,426.21	3,732.92
(/) Shares Outstanding (M)	3,355.89	3,355.89	3,355.89
(=) Excess Retained per Share	0.88	1.02	1.11
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.88	1.02	1.11
(=) Adjusted Dividend	1.46	1.60	1.69
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$156.43	$340.67	$363.52
Upside / Downside	708.85%	1,661.48%	1,779.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,134.13	6,532.84	6,957.48	7,409.72	7,891.35	8,404.29	8,656.41
Payout Ratio	31.65%	43.32%	54.99%	66.66%	78.33%	90.00%	92.50%
Projected Dividends (M)	1,941.15	2,829.77	3,825.71	4,939.17	6,181.21	7,563.86	8,007.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,632.45	2,657.41	2,682.36
Year 2 PV (M)	3,310.79	3,373.85	3,437.51
Year 3 PV (M)	3,976.33	4,090.48	4,206.79
Year 4 PV (M)	4,629.26	4,807.29	4,990.41
Year 5 PV (M)	5,269.76	5,524.29	5,788.57
PV of Terminal Value (M)	160,020.39	167,749.43	175,774.29
Equity Value (M)	179,838.99	188,202.75	196,879.91
Shares Outstanding (M)	3,355.89	3,355.89	3,355.89
Fair Value	$53.59	$56.08	$58.67
Upside / Downside	177.09%	189.98%	203.35%

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Satellite Chemical Co.,Ltd. (002648.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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