DDM Analysis: 603506.SS

Valuation Snapshot

Stable Growth	$11.98 - $25.86	$17.11
Multi-Stage	$8.52 - $9.31	$8.91
Blended Fair Value	$13.01
Current Price	$13.81
Upside	-5.79%
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	16.80%	0.00%	0.36	0.32	0.35	0.22	0.19	0.17	0.17	0.18	0.03	0.59
YoY Growth	-	-	11.62%	-7.42%	57.35%	18.61%	12.71%	-2.75%	-2.46%	467.49%	-94.74%	0.00%
Dividend Yield	-	-	3.28%	3.61%	2.86%	1.36%	1.27%	1.28%	1.22%	1.07%	0.31%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	116.05
(-) Cash Dividends Paid (M)	3.28
(=) Cash Retained (M)	112.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.21	14.51	8.70
Cash Retained (M)	112.77	112.77	112.77
(-) Cash Required (M)	-23.21	-14.51	-8.70
(=) Excess Retained (M)	89.56	98.26	104.06
(/) Shares Outstanding (M)	185.70	185.70	185.70
(=) Excess Retained per Share	0.48	0.53	0.56
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.48	0.53	0.56
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.98	$17.11	$25.86
Upside / Downside	-13.26%	23.91%	87.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	116.05	123.59	131.63	140.18	149.29	159.00	163.77
Payout Ratio	2.83%	20.26%	37.70%	55.13%	72.57%	90.00%	92.50%
Projected Dividends (M)	3.28	25.04	49.62	77.28	108.34	143.10	151.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	22.57	22.79	23.00
Year 2 PV (M)	40.31	41.08	41.85
Year 3 PV (M)	56.59	58.22	59.87
Year 4 PV (M)	71.51	74.26	77.08
Year 5 PV (M)	85.13	89.24	93.51
PV of Terminal Value (M)	1,305.52	1,368.58	1,434.05
Equity Value (M)	1,581.64	1,654.17	1,729.38
Shares Outstanding (M)	185.70	185.70	185.70
Fair Value	$8.52	$8.91	$9.31
Upside / Downside	-38.33%	-35.50%	-32.57%

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Financial Statements

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Sector

Nacity Property Service Group Co., Ltd. (603506.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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