DDM Analysis: 603165.SS

Valuation Snapshot

Stable Growth	$77.56 - $149.28	$139.90
Multi-Stage	$23.81 - $26.03	$24.90
Blended Fair Value	$82.40
Current Price	$13.63
Upside	504.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.14%	34.16%	0.61	0.50	0.38	0.67	0.28	0.30	0.28	0.11	0.15	0.18
YoY Growth	-	-	22.48%	31.70%	-43.79%	142.82%	-8.10%	7.99%	159.26%	-28.62%	-18.45%	472.91%
Dividend Yield	-	-	4.93%	4.12%	2.61%	3.75%	2.04%	2.62%	1.95%	0.44%	0.71%	2.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	208.48
(-) Cash Dividends Paid (M)	153.93
(=) Cash Retained (M)	54.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.70	26.06	15.64
Cash Retained (M)	54.56	54.56	54.56
(-) Cash Required (M)	-41.70	-26.06	-15.64
(=) Excess Retained (M)	12.86	28.50	38.92
(/) Shares Outstanding (M)	277.75	277.75	277.75
(=) Excess Retained per Share	0.05	0.10	0.14
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	0.05	0.10	0.14
(=) Adjusted Dividend	0.60	0.66	0.69
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$77.56	$139.90	$149.28
Upside / Downside	469.06%	926.39%	995.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	208.48	222.03	236.47	251.84	268.21	285.64	294.21
Payout Ratio	73.83%	77.06%	80.30%	83.53%	86.77%	90.00%	92.50%
Projected Dividends (M)	153.93	171.11	189.88	210.37	232.71	257.08	272.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	159.43	160.94	162.46
Year 2 PV (M)	164.85	167.99	171.16
Year 3 PV (M)	170.17	175.05	180.03
Year 4 PV (M)	175.40	182.14	189.08
Year 5 PV (M)	180.54	189.26	198.31
PV of Terminal Value (M)	5,762.13	6,040.45	6,329.41
Equity Value (M)	6,612.51	6,915.83	7,230.44
Shares Outstanding (M)	277.75	277.75	277.75
Fair Value	$23.81	$24.90	$26.03
Upside / Downside	74.67%	82.68%	90.99%

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Zhejiang Rongsheng Environmental Protection Paper Joint Stock Co., Ltd. (603165.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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