DDM Analysis: 002250.SZ

Valuation Snapshot

Stable Growth	$4.18 - $6.54	$5.27
Multi-Stage	$6.41 - $7.04	$6.72
Blended Fair Value	$5.99
Current Price	$10.96
Upside	-45.32%
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	1.89%	1.23%	0.16	0.29	0.14	0.16	0.05	0.15	0.20	0.17	0.17	0.17
YoY Growth	-	-	-44.83%	114.82%	-13.49%	208.87%	-65.32%	-25.58%	14.49%	-0.94%	0.08%	21.88%
Dividend Yield	-	-	2.33%	4.75%	0.96%	1.15%	0.21%	1.05%	1.83%	1.63%	1.10%	1.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	386.46
(-) Cash Dividends Paid (M)	107.15
(=) Cash Retained (M)	279.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	77.29	48.31	28.98
Cash Retained (M)	279.31	279.31	279.31
(-) Cash Required (M)	-77.29	-48.31	-28.98
(=) Excess Retained (M)	202.02	231.00	250.33
(/) Shares Outstanding (M)	905.41	905.41	905.41
(=) Excess Retained per Share	0.22	0.26	0.28
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.22	0.26	0.28
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	8.15%	8.15%	8.15%
Growth Rate	-0.02%	0.98%	1.98%
Fair Value	$4.18	$5.27	$6.54
Upside / Downside	-61.83%	-51.94%	-40.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	386.46	390.26	394.11	397.99	401.91	405.86	418.04
Payout Ratio	27.73%	40.18%	52.64%	65.09%	77.55%	90.00%	92.50%
Projected Dividends (M)	107.15	156.81	207.44	259.05	311.66	365.28	386.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.15%	8.15%	8.15%
Growth Rate	-0.02%	0.98%	1.98%
Year 1 PV (M)	143.56	145.00	146.43
Year 2 PV (M)	173.87	177.37	180.90
Year 3 PV (M)	198.79	204.82	210.96
Year 4 PV (M)	218.96	227.85	237.01
Year 5 PV (M)	234.95	246.94	259.41
PV of Terminal Value (M)	4,834.06	5,080.69	5,337.28
Equity Value (M)	5,804.20	6,082.66	6,371.99
Shares Outstanding (M)	905.41	905.41	905.41
Fair Value	$6.41	$6.72	$7.04
Upside / Downside	-41.51%	-38.70%	-35.79%

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Lianhe Chemical Technology Co., Ltd. (002250.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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