DDM Analysis: 600141.SS

Valuation Snapshot

Stable Growth	$137.50 - $276.84	$259.44
Multi-Stage	$43.92 - $48.01	$45.93
Blended Fair Value	$152.68
Current Price	$28.17
Upside	442.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.12%	4.37%	0.85	1.27	0.86	0.68	0.59	0.86	0.66	0.63	0.58	0.66
YoY Growth	-	-	-32.63%	47.60%	25.94%	15.44%	-31.23%	31.10%	4.60%	7.74%	-12.12%	18.82%
Dividend Yield	-	-	3.85%	6.67%	2.82%	2.05%	4.31%	8.43%	5.74%	4.97%	4.78%	6.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,605.45
(-) Cash Dividends Paid (M)	1,346.93
(=) Cash Retained (M)	258.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	321.09	200.68	120.41
Cash Retained (M)	258.52	258.52	258.52
(-) Cash Required (M)	-321.09	-200.68	-120.41
(=) Excess Retained (M)	-62.57	57.84	138.11
(/) Shares Outstanding (M)	1,153.33	1,153.33	1,153.33
(=) Excess Retained per Share	-0.05	0.05	0.12
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	-0.05	0.05	0.12
(=) Adjusted Dividend	1.11	1.22	1.29
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$137.50	$259.44	$276.84
Upside / Downside	388.11%	820.97%	882.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,605.45	1,709.80	1,820.94	1,939.30	2,065.35	2,199.60	2,265.59
Payout Ratio	83.90%	85.12%	86.34%	87.56%	88.78%	90.00%	92.50%
Projected Dividends (M)	1,346.93	1,455.35	1,572.17	1,698.03	1,833.61	1,979.64	2,095.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,355.55	1,368.39	1,381.24
Year 2 PV (M)	1,363.94	1,389.92	1,416.14
Year 3 PV (M)	1,372.10	1,411.49	1,451.63
Year 4 PV (M)	1,380.05	1,433.13	1,487.72
Year 5 PV (M)	1,387.79	1,454.82	1,524.41
PV of Terminal Value (M)	43,796.53	45,911.92	48,108.27
Equity Value (M)	50,655.96	52,969.67	55,369.41
Shares Outstanding (M)	1,153.33	1,153.33	1,153.33
Fair Value	$43.92	$45.93	$48.01
Upside / Downside	55.92%	63.04%	70.42%

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Hubei Xingfa Chemicals Group Co., Ltd. (600141.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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