DDM Analysis: 603256.SS

Valuation Snapshot

Stable Growth	$1.54 - $2.28	$1.90
Multi-Stage	$2.74 - $3.02	$2.88
Blended Fair Value	$2.39
Current Price	$34.87
Upside	-93.16%
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	-18.52%	-6.82%	0.04	0.08	0.15	0.13	0.10	0.12	0.11	0.05	0.09	0.08
YoY Growth	-	-	-42.02%	-51.05%	19.88%	25.15%	-15.62%	9.20%	102.68%	-35.69%	5.58%	-8.55%
Dividend Yield	-	-	0.51%	0.95%	1.95%	1.68%	1.08%	1.04%	1.75%	0.86%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	153.88
(-) Cash Dividends Paid (M)	22.31
(=) Cash Retained (M)	131.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.78	19.24	11.54
Cash Retained (M)	131.57	131.57	131.57
(-) Cash Required (M)	-30.78	-19.24	-11.54
(=) Excess Retained (M)	100.80	112.34	120.03
(/) Shares Outstanding (M)	797.33	797.33	797.33
(=) Excess Retained per Share	0.13	0.14	0.15
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.13	0.14	0.15
(=) Adjusted Dividend	0.15	0.17	0.18
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	-1.92%	-0.92%	0.08%
Fair Value	$1.54	$1.90	$2.28
Upside / Downside	-95.58%	-94.56%	-93.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	153.88	152.47	151.07	149.69	148.32	146.96	151.36
Payout Ratio	14.50%	29.60%	44.70%	59.80%	74.90%	90.00%	92.50%
Projected Dividends (M)	22.31	45.13	67.53	89.51	111.09	132.26	140.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	-1.92%	-0.92%	0.08%
Year 1 PV (M)	41.40	41.82	42.24
Year 2 PV (M)	56.83	57.99	59.17
Year 3 PV (M)	69.10	71.24	73.42
Year 4 PV (M)	78.67	81.93	85.28
Year 5 PV (M)	85.92	90.39	95.05
PV of Terminal Value (M)	1,852.66	1,949.05	2,049.41
Equity Value (M)	2,184.58	2,292.42	2,404.57
Shares Outstanding (M)	797.33	797.33	797.33
Fair Value	$2.74	$2.88	$3.02
Upside / Downside	-92.14%	-91.75%	-91.35%

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Grace Fabric Technology Co.,Ltd. (603256.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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