DDM Analysis: 603806.SS

Valuation Snapshot

Stable Growth	$11.28 - $54.21	$24.45
Multi-Stage	$6.38 - $6.96	$6.66
Blended Fair Value	$15.56
Current Price	$15.70
Upside	-0.91%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.38%	17.63%	0.19	0.09	0.13	0.12	0.11	0.09	0.09	0.15	0.10	0.07
YoY Growth	-	-	105.42%	-26.60%	4.05%	16.20%	22.24%	-2.71%	-39.87%	42.86%	55.52%	75.09%
Dividend Yield	-	-	1.38%	0.46%	0.43%	0.30%	0.41%	0.98%	1.15%	2.43%	1.34%	1.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	737.13
(-) Cash Dividends Paid (M)	691.95
(=) Cash Retained (M)	45.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	147.43	92.14	55.28
Cash Retained (M)	45.19	45.19	45.19
(-) Cash Required (M)	-147.43	-92.14	-55.28
(=) Excess Retained (M)	-102.24	-46.96	-10.10
(/) Shares Outstanding (M)	2,704.34	2,704.34	2,704.34
(=) Excess Retained per Share	-0.04	-0.02	0.00
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	-0.04	-0.02	0.00
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.28	$24.45	$54.21
Upside / Downside	-28.13%	55.74%	245.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	737.13	785.05	836.07	890.42	948.30	1,009.94	1,040.23
Payout Ratio	93.87%	93.10%	92.32%	91.55%	90.77%	90.00%	92.50%
Projected Dividends (M)	691.95	730.85	771.88	815.16	860.81	908.94	962.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	673.23	679.61	685.99
Year 2 PV (M)	654.98	667.45	680.05
Year 3 PV (M)	637.17	655.46	674.10
Year 4 PV (M)	619.81	643.64	668.16
Year 5 PV (M)	602.87	631.99	662.22
PV of Terminal Value (M)	14,061.16	14,740.31	15,445.47
Equity Value (M)	17,249.21	18,018.47	18,815.99
Shares Outstanding (M)	2,704.34	2,704.34	2,704.34
Fair Value	$6.38	$6.66	$6.96
Upside / Downside	-59.37%	-57.56%	-55.68%

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Hangzhou First Applied Material Co., Ltd. (603806.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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