DDM Analysis: 603055.SS

Valuation Snapshot

Stable Growth	$59.30 - $116.77	$109.43
Multi-Stage	$18.36 - $20.08	$19.20
Blended Fair Value	$64.32
Current Price	$8.97
Upside	617.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.02%	8.76%	0.30	0.10	0.16	0.05	0.07	0.12	0.13	0.04	0.08	0.12
YoY Growth	-	-	206.24%	-39.65%	257.82%	-32.76%	-44.00%	-9.09%	258.55%	-53.02%	-35.35%	-6.05%
Dividend Yield	-	-	2.66%	1.02%	1.48%	0.39%	1.17%	2.09%	1.52%	0.35%	0.84%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	525.93
(-) Cash Dividends Paid (M)	316.85
(=) Cash Retained (M)	209.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	105.19	65.74	39.45
Cash Retained (M)	209.08	209.08	209.08
(-) Cash Required (M)	-105.19	-65.74	-39.45
(=) Excess Retained (M)	103.89	143.34	169.63
(/) Shares Outstanding (M)	895.76	895.76	895.76
(=) Excess Retained per Share	0.12	0.16	0.19
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.12	0.16	0.19
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$59.30	$109.43	$116.77
Upside / Downside	561.14%	1,119.92%	1,201.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	525.93	560.12	596.53	635.30	676.60	720.57	742.19
Payout Ratio	60.25%	66.20%	72.15%	78.10%	84.05%	90.00%	92.50%
Projected Dividends (M)	316.85	370.78	430.38	496.16	568.67	648.52	686.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	345.42	348.69	351.96
Year 2 PV (M)	373.51	380.62	387.80
Year 3 PV (M)	401.14	412.65	424.39
Year 4 PV (M)	428.31	444.78	461.73
Year 5 PV (M)	455.03	477.01	499.83
PV of Terminal Value (M)	14,441.29	15,138.81	15,863.02
Equity Value (M)	16,444.69	17,202.57	17,988.73
Shares Outstanding (M)	895.76	895.76	895.76
Fair Value	$18.36	$19.20	$20.08
Upside / Downside	104.66%	114.10%	123.88%

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Zhe Jiang Taihua New Material Co., Ltd. (603055.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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