DDM Analysis: 600746.SS

Valuation Snapshot

Stable Growth	$2.28 - $5.09	$3.29
Multi-Stage	$1.61 - $1.76	$1.68
Blended Fair Value	$2.49
Current Price	$7.18
Upside	-65.37%
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	16.25%	-4.56%	0.01	0.21	1.02	0.18	0.02	0.00	0.03	0.01	0.00	0.00
YoY Growth	-	-	-97.14%	-79.79%	466.79%	962.42%	509.08%	-91.33%	242.86%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.07%	3.13%	12.40%	1.34%	0.16%	0.05%	0.40%	0.12%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	131.53
(-) Cash Dividends Paid (M)	7.76
(=) Cash Retained (M)	123.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.31	16.44	9.87
Cash Retained (M)	123.77	123.77	123.77
(-) Cash Required (M)	-26.31	-16.44	-9.87
(=) Excess Retained (M)	97.47	107.33	113.91
(/) Shares Outstanding (M)	1,151.87	1,151.87	1,151.87
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.28	$3.29	$5.09
Upside / Downside	-68.28%	-54.15%	-29.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	131.53	140.08	149.19	158.89	169.21	180.21	185.62
Payout Ratio	5.90%	22.72%	39.54%	56.36%	73.18%	90.00%	92.50%
Projected Dividends (M)	7.76	31.83	58.99	89.55	123.83	162.19	171.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28.73	29.00	29.28
Year 2 PV (M)	48.07	48.99	49.91
Year 3 PV (M)	65.88	67.77	69.70
Year 4 PV (M)	82.24	85.41	88.66
Year 5 PV (M)	97.25	101.94	106.82
PV of Terminal Value (M)	1,529.12	1,602.97	1,679.66
Equity Value (M)	1,851.29	1,936.08	2,024.02
Shares Outstanding (M)	1,151.87	1,151.87	1,151.87
Fair Value	$1.61	$1.68	$1.76
Upside / Downside	-77.62%	-76.59%	-75.53%

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Jiangsu SOPO Chemical Co. Ltd. (600746.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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