DDM Analysis: 002821.SZ

Valuation Snapshot

Stable Growth	$63.74 - $156.33	$95.08
Multi-Stage	$44.66 - $48.79	$46.69
Blended Fair Value	$70.89
Current Price	$113.70
Upside	-37.66%
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	47.32%	46.00%	1.80	1.86	0.61	0.41	0.32	0.26	0.23	0.17	0.10	0.06
YoY Growth	-	-	-3.40%	203.69%	50.32%	25.88%	24.98%	14.89%	36.16%	67.08%	56.68%	54.92%
Dividend Yield	-	-	2.28%	2.14%	0.46%	0.16%	0.16%	0.21%	0.34%	0.30%	0.21%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,038.87
(-) Cash Dividends Paid (M)	250.83
(=) Cash Retained (M)	788.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	207.77	129.86	77.92
Cash Retained (M)	788.04	788.04	788.04
(-) Cash Required (M)	-207.77	-129.86	-77.92
(=) Excess Retained (M)	580.26	658.18	710.12
(/) Shares Outstanding (M)	357.38	357.38	357.38
(=) Excess Retained per Share	1.62	1.84	1.99
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	1.62	1.84	1.99
(=) Adjusted Dividend	2.33	2.54	2.69
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$63.74	$95.08	$156.33
Upside / Downside	-43.94%	-16.37%	37.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,038.87	1,106.40	1,178.31	1,254.90	1,336.47	1,423.34	1,466.04
Payout Ratio	24.14%	37.32%	50.49%	63.66%	76.83%	90.00%	92.50%
Projected Dividends (M)	250.83	412.86	594.89	798.85	1,026.80	1,281.01	1,356.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	374.02	377.56	381.11
Year 2 PV (M)	488.22	497.52	506.91
Year 3 PV (M)	593.92	610.97	628.34
Year 4 PV (M)	691.57	718.17	745.52
Year 5 PV (M)	781.61	819.36	858.56
PV of Terminal Value (M)	13,032.30	13,661.76	14,315.32
Equity Value (M)	15,961.64	16,685.34	17,435.76
Shares Outstanding (M)	357.38	357.38	357.38
Fair Value	$44.66	$46.69	$48.79
Upside / Downside	-60.72%	-58.94%	-57.09%

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Financial Statements

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Asymchem Laboratories (Tianjin) Co., Ltd. (002821.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener