DDM Analysis: 600361.SS

Valuation Snapshot

Stable Growth	$20.74 - $44.99	$42.16
Multi-Stage	$6.97 - $7.62	$7.29
Blended Fair Value	$24.72
Current Price	$4.22
Upside	485.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.63%	9.22%	0.17	0.14	0.08	0.08	0.05	0.06	0.05	0.04	0.08	0.07
YoY Growth	-	-	25.73%	76.71%	1.30%	54.88%	-20.44%	22.06%	30.62%	-53.49%	12.53%	4.39%
Dividend Yield	-	-	4.12%	2.92%	1.25%	1.43%	1.30%	1.29%	1.08%	0.74%	1.23%	1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	929.07
(-) Cash Dividends Paid (M)	720.05
(=) Cash Retained (M)	209.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	185.81	116.13	69.68
Cash Retained (M)	209.02	209.02	209.02
(-) Cash Required (M)	-185.81	-116.13	-69.68
(=) Excess Retained (M)	23.20	92.88	139.34
(/) Shares Outstanding (M)	4,107.24	4,107.24	4,107.24
(=) Excess Retained per Share	0.01	0.02	0.03
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.01	0.02	0.03
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.74	$42.16	$44.99
Upside / Downside	391.44%	899.02%	966.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	929.07	989.46	1,053.78	1,122.27	1,195.22	1,272.91	1,311.10
Payout Ratio	77.50%	80.00%	82.50%	85.00%	87.50%	90.00%	92.50%
Projected Dividends (M)	720.05	791.59	869.38	953.94	1,045.82	1,145.62	1,212.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	736.85	743.83	750.81
Year 2 PV (M)	753.29	767.64	782.13
Year 3 PV (M)	769.40	791.49	813.99
Year 4 PV (M)	785.18	815.37	846.43
Year 5 PV (M)	800.62	839.29	879.44
PV of Terminal Value (M)	24,777.82	25,974.60	27,217.18
Equity Value (M)	28,623.16	29,932.22	31,289.99
Shares Outstanding (M)	4,107.24	4,107.24	4,107.24
Fair Value	$6.97	$7.29	$7.62
Upside / Downside	65.14%	72.69%	80.53%

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Innovation New Material Technology Co., Ltd. Class A (600361.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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