DDM Analysis: 301131.SZ

Valuation Snapshot

Stable Growth	$168.18 - $198.15	$185.69
Multi-Stage	$115.69 - $126.92	$121.20
Blended Fair Value	$153.45
Current Price	$47.85
Upside	220.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.84%	21.99%	0.73	0.50	0.80	0.29	0.50	0.43	0.38	0.23	0.14	0.29
YoY Growth	-	-	46.01%	-37.83%	180.10%	-42.54%	14.51%	13.72%	63.83%	71.83%	-52.73%	188.28%
Dividend Yield	-	-	1.89%	1.24%	2.09%	0.60%	0.64%	0.56%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49.83
(-) Cash Dividends Paid (M)	32.10
(=) Cash Retained (M)	17.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.97	6.23	3.74
Cash Retained (M)	17.72	17.72	17.72
(-) Cash Required (M)	-9.97	-6.23	-3.74
(=) Excess Retained (M)	7.76	11.50	13.99
(/) Shares Outstanding (M)	50.01	50.01	50.01
(=) Excess Retained per Share	0.16	0.23	0.28
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	0.16	0.23	0.28
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$168.18	$185.69	$198.15
Upside / Downside	251.48%	288.07%	314.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49.83	53.07	56.52	60.19	64.10	68.27	70.32
Payout Ratio	64.43%	69.54%	74.66%	79.77%	84.89%	90.00%	92.50%
Projected Dividends (M)	32.10	36.90	42.19	48.01	54.41	61.44	65.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	35.77	36.11	36.45
Year 2 PV (M)	39.64	40.40	41.16
Year 3 PV (M)	43.73	44.98	46.26
Year 4 PV (M)	48.04	49.88	51.78
Year 5 PV (M)	52.58	55.12	57.75
PV of Terminal Value (M)	5,565.86	5,834.70	6,113.82
Equity Value (M)	5,785.62	6,061.19	6,347.23
Shares Outstanding (M)	50.01	50.01	50.01
Fair Value	$115.69	$121.20	$126.92
Upside / Downside	141.77%	153.29%	165.24%

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Super-Dragon Engineering Plastics Co., Ltd (301131.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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