DDM Analysis: 603086.SS

Valuation Snapshot

Stable Growth	$9.33 - $26.46	$14.55
Multi-Stage	$6.14 - $6.72	$6.42
Blended Fair Value	$10.49
Current Price	$9.23
Upside	13.61%
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	0.00%	36.85%	0.03	0.18	0.13	0.13	0.09	0.00	0.03	0.00	0.07	0.05
YoY Growth	-	-	-85.92%	39.99%	0.00%	39.92%	0.00%	-100.00%	0.00%	-100.00%	50.00%	4,114.46%
Dividend Yield	-	-	0.47%	3.98%	1.59%	2.46%	1.65%	0.00%	0.30%	0.00%	1.47%	0.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	163.82
(-) Cash Dividends Paid (M)	10.37
(=) Cash Retained (M)	153.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.76	20.48	12.29
Cash Retained (M)	153.45	153.45	153.45
(-) Cash Required (M)	-32.76	-20.48	-12.29
(=) Excess Retained (M)	120.69	132.98	141.17
(/) Shares Outstanding (M)	433.45	433.45	433.45
(=) Excess Retained per Share	0.28	0.31	0.33
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.28	0.31	0.33
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.33	$14.55	$26.46
Upside / Downside	1.04%	57.65%	186.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	163.82	174.47	185.81	197.89	210.75	224.45	231.19
Payout Ratio	6.33%	23.06%	39.80%	56.53%	73.27%	90.00%	92.50%
Projected Dividends (M)	10.37	40.24	73.95	111.87	154.41	202.01	213.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.92%	8.92%	8.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	36.60	36.94	37.29
Year 2 PV (M)	61.17	62.33	63.51
Year 3 PV (M)	84.16	86.57	89.04
Year 4 PV (M)	105.65	109.71	113.89
Year 5 PV (M)	125.70	131.77	138.07
PV of Terminal Value (M)	2,247.58	2,356.14	2,468.85
Equity Value (M)	2,660.84	2,783.46	2,910.65
Shares Outstanding (M)	433.45	433.45	433.45
Fair Value	$6.14	$6.42	$6.72
Upside / Downside	-33.49%	-30.43%	-27.25%

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ShanDong Cynda Chemical Co.,Ltd (603086.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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