DDM Analysis: 603587.SS

Valuation Snapshot

Stable Growth	$4.46 - $6.64	$5.50
Multi-Stage	$11.84 - $13.03	$12.42
Blended Fair Value	$8.96
Current Price	$12.35
Upside	-27.44%
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	-1.28%	-1.78%	0.81	0.71	1.03	0.83	0.86	0.86	0.86	0.09	0.99	0.75
YoY Growth	-	-	13.56%	-31.00%	24.84%	-4.14%	0.00%	0.00%	894.86%	-91.25%	31.54%	-22.22%
Dividend Yield	-	-	6.66%	5.54%	6.68%	5.08%	4.33%	4.93%	3.73%	0.26%	3.00%	2.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	260.53
(-) Cash Dividends Paid (M)	235.03
(=) Cash Retained (M)	25.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.11	32.57	19.54
Cash Retained (M)	25.50	25.50	25.50
(-) Cash Required (M)	-52.11	-32.57	-19.54
(=) Excess Retained (M)	-26.60	-7.06	5.96
(/) Shares Outstanding (M)	464.27	464.27	464.27
(=) Excess Retained per Share	-0.06	-0.02	0.01
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	-0.06	-0.02	0.01
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-3.38%	-2.38%	-1.38%
Fair Value	$4.46	$5.50	$6.64
Upside / Downside	-63.85%	-55.47%	-46.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	260.53	254.33	248.28	242.37	236.60	230.97	237.90
Payout Ratio	90.21%	90.17%	90.13%	90.08%	90.04%	90.00%	92.50%
Projected Dividends (M)	235.03	229.33	223.76	218.34	213.04	207.87	220.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-3.38%	-2.38%	-1.38%
Year 1 PV (M)	213.45	215.66	217.87
Year 2 PV (M)	193.86	197.89	201.97
Year 3 PV (M)	176.07	181.59	187.23
Year 4 PV (M)	159.91	166.63	173.56
Year 5 PV (M)	145.23	152.90	160.89
PV of Terminal Value (M)	4,609.05	4,852.56	5,106.24
Equity Value (M)	5,497.57	5,767.23	6,047.77
Shares Outstanding (M)	464.27	464.27	464.27
Fair Value	$11.84	$12.42	$13.03
Upside / Downside	-4.12%	0.58%	5.48%

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Dazzle Fashion Co., Ltd (603587.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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