DDM Analysis: 300910.SZ

Valuation Snapshot

Stable Growth	$234.36 - $544.56	$510.33
Multi-Stage	$81.00 - $88.63	$84.75
Blended Fair Value	$297.54
Current Price	$53.00
Upside	461.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	228.75%	0.00%	1.31	1.19	0.41	0.41	0.09	0.00	0.00	0.01	0.06	0.00
YoY Growth	-	-	9.83%	187.97%	0.22%	384.85%	2,398.66%	-0.99%	-75.88%	-76.05%	0.00%	0.00%
Dividend Yield	-	-	2.29%	3.02%	0.71%	1.55%	0.22%	0.01%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	796.75
(-) Cash Dividends Paid (M)	358.58
(=) Cash Retained (M)	438.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	159.35	99.59	59.76
Cash Retained (M)	438.17	438.17	438.17
(-) Cash Required (M)	-159.35	-99.59	-59.76
(=) Excess Retained (M)	278.82	338.58	378.42
(/) Shares Outstanding (M)	290.98	290.98	290.98
(=) Excess Retained per Share	0.96	1.16	1.30
LTM Dividend per Share	1.23	1.23	1.23
(+) Excess Retained per Share	0.96	1.16	1.30
(=) Adjusted Dividend	2.19	2.40	2.53
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$234.36	$510.33	$544.56
Upside / Downside	342.19%	862.89%	927.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	796.75	848.54	903.69	962.43	1,024.99	1,091.61	1,124.36
Payout Ratio	45.00%	54.00%	63.00%	72.00%	81.00%	90.00%	92.50%
Projected Dividends (M)	358.58	458.24	569.35	692.97	830.25	982.45	1,040.03

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)	426.29	430.33	434.37
Year 2 PV (M)	492.72	502.11	511.58
Year 3 PV (M)	557.88	573.90	590.22
Year 4 PV (M)	621.80	645.71	670.31
Year 5 PV (M)	684.48	717.54	751.87
PV of Terminal Value (M)	20,785.36	21,789.30	22,831.66
Equity Value (M)	23,568.53	24,658.88	25,790.00
Shares Outstanding (M)	290.98	290.98	290.98
Fair Value	$81.00	$84.75	$88.63
Upside / Downside	52.83%	59.90%	67.23%

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Xinxiang Richful Lube Additive Co., Ltd (300910.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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