DDM Analysis: 605155.SS

Valuation Snapshot

Stable Growth	$109.72 - $129.26	$121.14
Multi-Stage	$22.76 - $24.92	$23.82
Blended Fair Value	$72.48
Current Price	$16.66
Upside	335.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	13.72%	0.00%	0.14	0.14	0.14	0.13	0.09	0.08	0.07	0.07	0.05	0.00
YoY Growth	-	-	1.87%	0.00%	12.00%	33.33%	25.00%	14.96%	-1.39%	29.63%	0.00%	0.00%
Dividend Yield	-	-	1.19%	1.44%	1.37%	1.21%	0.73%	0.49%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	123.27
(-) Cash Dividends Paid (M)	47.12
(=) Cash Retained (M)	76.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.65	15.41	9.24
Cash Retained (M)	76.14	76.14	76.14
(-) Cash Required (M)	-24.65	-15.41	-9.24
(=) Excess Retained (M)	51.49	60.74	66.90
(/) Shares Outstanding (M)	189.65	189.65	189.65
(=) Excess Retained per Share	0.27	0.32	0.35
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.27	0.32	0.35
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	5.95%	5.95%	5.95%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$109.72	$121.14	$129.26
Upside / Downside	558.56%	627.13%	675.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	123.27	131.28	139.81	148.90	158.58	168.88	173.95
Payout Ratio	38.23%	48.58%	58.94%	69.29%	79.65%	90.00%	92.50%
Projected Dividends (M)	47.12	63.78	82.40	103.17	126.30	152.00	160.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.95%	5.95%	5.95%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	59.63	60.19	60.76
Year 2 PV (M)	72.03	73.40	74.79
Year 3 PV (M)	84.32	86.74	89.21
Year 4 PV (M)	96.51	100.22	104.04
Year 5 PV (M)	108.59	113.84	119.28
PV of Terminal Value (M)	3,894.37	4,082.47	4,277.77
Equity Value (M)	4,315.46	4,516.87	4,725.85
Shares Outstanding (M)	189.65	189.65	189.65
Fair Value	$22.76	$23.82	$24.92
Upside / Downside	36.59%	42.96%	49.58%

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Zhejiang Xidamen New Material Co.,Ltd. (605155.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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