DDM Analysis: 603041.SS

Valuation Snapshot

Stable Growth	$3.43 - $7.44	$4.91
Multi-Stage	$2.66 - $2.89	$2.77
Blended Fair Value	$3.84
Current Price	$12.30
Upside	-68.77%
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	22.27%	0.88%	0.21	0.14	0.11	0.19	0.13	0.08	0.09	0.12	0.12	0.09
YoY Growth	-	-	45.20%	25.90%	-40.27%	48.79%	68.21%	-16.53%	-25.64%	3.79%	31.26%	-52.79%
Dividend Yield	-	-	1.82%	1.26%	0.97%	1.61%	0.94%	0.63%	0.75%	0.84%	0.80%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.66
(-) Cash Dividends Paid (M)	22.31
(=) Cash Retained (M)	9.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.33	3.96	2.37
Cash Retained (M)	9.36	9.36	9.36
(-) Cash Required (M)	-6.33	-3.96	-2.37
(=) Excess Retained (M)	3.02	5.40	6.98
(/) Shares Outstanding (M)	178.31	178.31	178.31
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.14	0.16	0.16
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.49%	6.49%	7.49%
Fair Value	$3.43	$4.91	$7.44
Upside / Downside	-72.13%	-60.10%	-39.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.66	33.72	35.91	38.23	40.71	43.36	44.66
Payout Ratio	70.45%	74.36%	78.27%	82.18%	86.09%	90.00%	92.50%
Projected Dividends (M)	22.31	25.07	28.10	31.42	35.05	39.02	41.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.49%	6.49%	7.49%
Year 1 PV (M)	22.61	22.82	23.04
Year 2 PV (M)	22.85	23.29	23.73
Year 3 PV (M)	23.04	23.70	24.37
Year 4 PV (M)	23.17	24.06	24.98
Year 5 PV (M)	23.26	24.39	25.55
PV of Terminal Value (M)	359.06	376.41	394.42
Equity Value (M)	474.00	494.67	516.09
Shares Outstanding (M)	178.31	178.31	178.31
Fair Value	$2.66	$2.77	$2.89
Upside / Downside	-78.39%	-77.45%	-76.47%

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Jiangsu Maysta Chemical Co., Ltd. (603041.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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