DDM Analysis: 603002.SS

Valuation Snapshot

Stable Growth	$0.21 - $0.30	$0.25
Multi-Stage	$0.37 - $0.40	$0.39
Blended Fair Value	$0.32
Current Price	$7.70
Upside	-95.86%
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	-0.89%	9.86%	0.05	0.15	0.24	0.21	0.04	0.05	0.04	0.01	0.03	0.02
YoY Growth	-	-	-66.36%	-35.68%	12.78%	417.41%	-24.24%	34.92%	231.28%	-56.37%	64.21%	-16.39%
Dividend Yield	-	-	0.87%	2.67%	4.09%	3.61%	0.61%	1.27%	0.90%	0.23%	0.43%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.41
(-) Cash Dividends Paid (M)	31.36
(=) Cash Retained (M)	7.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.68	4.80	2.88
Cash Retained (M)	7.05	7.05	7.05
(-) Cash Required (M)	-7.68	-4.80	-2.88
(=) Excess Retained (M)	-0.63	2.25	4.17
(/) Shares Outstanding (M)	1,134.08	1,134.08	1,134.08
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	-2.89%	-1.89%	-0.89%
Fair Value	$0.21	$0.25	$0.30
Upside / Downside	-97.27%	-96.72%	-96.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.41	37.68	36.97	36.27	35.59	34.91	35.96
Payout Ratio	81.64%	83.31%	84.99%	86.66%	88.33%	90.00%	92.50%
Projected Dividends (M)	31.36	31.39	31.42	31.43	31.43	31.42	33.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	-2.89%	-1.89%	-0.89%
Year 1 PV (M)	28.34	28.64	28.93
Year 2 PV (M)	25.61	26.14	26.68
Year 3 PV (M)	23.13	23.86	24.59
Year 4 PV (M)	20.89	21.76	22.66
Year 5 PV (M)	18.85	19.84	20.88
PV of Terminal Value (M)	301.13	316.96	333.45
Equity Value (M)	417.96	437.20	457.18
Shares Outstanding (M)	1,134.08	1,134.08	1,134.08
Fair Value	$0.37	$0.39	$0.40
Upside / Downside	-95.21%	-94.99%	-94.76%

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Epoxy Base Electronic Material Corporation Limited (603002.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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