DDM Analysis: 603928.SS

Valuation Snapshot

Stable Growth	$1.65 - $2.27	$1.96
Multi-Stage	$2.70 - $2.97	$2.83
Blended Fair Value	$2.40
Current Price	$15.66
Upside	-84.68%
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	-3.85%	-1.92%	0.15	0.01	0.78	0.12	0.15	0.18	0.18	0.15	0.12	0.19
YoY Growth	-	-	1,637.46%	-98.92%	573.49%	-25.00%	-13.38%	-2.68%	21.85%	29.80%	-39.02%	6.77%
Dividend Yield	-	-	1.32%	0.10%	8.69%	1.34%	1.77%	2.21%	1.49%	1.33%	0.59%	1.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	77.99
(-) Cash Dividends Paid (M)	20.97
(=) Cash Retained (M)	57.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.60	9.75	5.85
Cash Retained (M)	57.03	57.03	57.03
(-) Cash Required (M)	-15.60	-9.75	-5.85
(=) Excess Retained (M)	41.43	47.28	51.18
(/) Shares Outstanding (M)	262.20	262.20	262.20
(=) Excess Retained per Share	0.16	0.18	0.20
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.16	0.18	0.20
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	-3.92%	-2.92%	-1.92%
Fair Value	$1.65	$1.96	$2.27
Upside / Downside	-89.47%	-87.46%	-85.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	77.99	75.71	73.50	71.35	69.27	67.25	69.26
Payout Ratio	26.88%	39.51%	52.13%	64.75%	77.38%	90.00%	92.50%
Projected Dividends (M)	20.97	29.91	38.32	46.20	53.60	60.52	64.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	-3.92%	-2.92%	-1.92%
Year 1 PV (M)	26.93	27.21	27.49
Year 2 PV (M)	31.05	31.70	32.36
Year 3 PV (M)	33.71	34.77	35.86
Year 4 PV (M)	35.20	36.69	38.22
Year 5 PV (M)	35.78	37.68	39.66
PV of Terminal Value (M)	545.71	574.70	604.92
Equity Value (M)	708.37	742.75	778.50
Shares Outstanding (M)	262.20	262.20	262.20
Fair Value	$2.70	$2.83	$2.97
Upside / Downside	-82.75%	-81.91%	-81.04%

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Suzhou Xingye Materials Technology Co.,Ltd. (603928.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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