DDM Analysis: 603379.SS

Valuation Snapshot

Stable Growth	$481.69 - $567.87	$532.01
Multi-Stage	$922.46 - $1,015.97	$968.31
Blended Fair Value	$750.16
Current Price	$58.82
Upside	1,175.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.53%	-4.49%	0.23	0.24	0.17	0.11	0.32	0.10	0.65	0.27	0.76	0.32
YoY Growth	-	-	-3.85%	40.31%	54.45%	-65.67%	213.52%	-84.34%	145.93%	-64.93%	135.17%	-11.29%
Dividend Yield	-	-	0.57%	0.55%	0.51%	0.53%	1.87%	0.48%	1.96%	0.80%	2.27%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,808.62
(-) Cash Dividends Paid (M)	415.94
(=) Cash Retained (M)	1,392.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	361.72	226.08	135.65
Cash Retained (M)	1,392.68	1,392.68	1,392.68
(-) Cash Required (M)	-361.72	-226.08	-135.65
(=) Excess Retained (M)	1,030.95	1,166.60	1,257.03
(/) Shares Outstanding (M)	612.78	612.78	612.78
(=) Excess Retained per Share	1.68	1.90	2.05
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	1.68	1.90	2.05
(=) Adjusted Dividend	2.36	2.58	2.73
WACC / Discount Rate	-19.19%	-19.19%	-19.19%
Growth Rate	2.00%	3.00%	4.00%
Fair Value	$481.69	$532.01	$567.87
Upside / Downside	718.92%	804.47%	865.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,808.62	1,862.88	1,918.78	1,976.35	2,035.65	2,096.72	2,159.62
Payout Ratio	23.00%	36.40%	49.80%	63.20%	76.60%	90.00%	92.50%
Projected Dividends (M)	415.94	678.06	955.52	1,249.03	1,559.29	1,887.05	1,997.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-19.19%	-19.19%	-19.19%
Growth Rate	2.00%	3.00%	4.00%
Year 1 PV (M)	830.89	839.04	847.18
Year 2 PV (M)	1,434.83	1,463.10	1,491.65
Year 3 PV (M)	2,298.32	2,366.58	2,436.18
Year 4 PV (M)	3,515.96	3,655.88	3,799.93
Year 5 PV (M)	5,214.08	5,474.73	5,745.70
PV of Terminal Value (M)	551,968.07	579,560.99	608,246.54
Equity Value (M)	565,262.15	593,360.32	622,567.19
Shares Outstanding (M)	612.78	612.78	612.78
Fair Value	$922.46	$968.31	$1,015.97
Upside / Downside	1,468.27%	1,546.23%	1,627.26%

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Zhejiang Sanmei Chemical Industry Co., Ltd. (603379.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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