DDM Analysis: 603067.SS

Valuation Snapshot

Stable Growth	$164.81 - $194.18	$181.98
Multi-Stage	$281.95 - $309.53	$295.48
Blended Fair Value	$238.73
Current Price	$18.57
Upside	1,185.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.66%	0.00%	0.23	0.26	0.23	0.15	0.09	0.07	0.06	0.05	0.02	0.00
YoY Growth	-	-	-11.96%	10.86%	54.22%	72.49%	25.59%	21.74%	26.61%	136.29%	0.00%	0.00%
Dividend Yield	-	-	1.81%	4.01%	2.49%	1.83%	1.53%	1.89%	1.05%	0.86%	0.20%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	518.57
(-) Cash Dividends Paid (M)	161.22
(=) Cash Retained (M)	357.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	103.71	64.82	38.89
Cash Retained (M)	357.35	357.35	357.35
(-) Cash Required (M)	-103.71	-64.82	-38.89
(=) Excess Retained (M)	253.64	292.53	318.46
(/) Shares Outstanding (M)	531.11	531.11	531.11
(=) Excess Retained per Share	0.48	0.55	0.60
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.48	0.55	0.60
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	-15.06%	-15.06%	-15.06%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$164.81	$181.98	$194.18
Upside / Downside	787.53%	879.94%	945.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	518.57	552.27	588.17	626.40	667.12	710.48	731.80
Payout Ratio	31.09%	42.87%	54.65%	66.44%	78.22%	90.00%	92.50%
Projected Dividends (M)	161.22	236.77	321.46	416.15	521.81	639.43	676.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-15.06%	-15.06%	-15.06%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	276.12	278.74	281.36
Year 2 PV (M)	437.20	445.53	453.93
Year 3 PV (M)	660.08	679.02	698.33
Year 4 PV (M)	965.22	1,002.34	1,040.52
Year 5 PV (M)	1,379.41	1,446.04	1,515.22
PV of Terminal Value (M)	146,026.23	153,079.35	160,402.41
Equity Value (M)	149,744.26	156,931.02	164,391.77
Shares Outstanding (M)	531.11	531.11	531.11
Fair Value	$281.95	$295.48	$309.53
Upside / Downside	1,418.30%	1,491.17%	1,566.81%

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Hubei Zhenhua Chemical Co.,Ltd. (603067.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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