DDM Analysis: 688129.SS

Valuation Snapshot

Stable Growth	$12.01 - $22.74	$16.35
Multi-Stage	$19.02 - $20.89	$19.94
Blended Fair Value	$18.15
Current Price	$23.39
Upside	-22.42%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	11.15%	0.00%	0.41	0.10	0.28	0.21	0.00	0.24	0.11	0.56	0.00	0.00
YoY Growth	-	-	327.36%	-66.50%	33.28%	0.00%	-100.00%	111.39%	-79.73%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.07%	0.69%	1.98%	1.28%	0.00%	0.71%	0.33%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88.40
(-) Cash Dividends Paid (M)	36.41
(=) Cash Retained (M)	51.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.68	11.05	6.63
Cash Retained (M)	51.99	51.99	51.99
(-) Cash Required (M)	-17.68	-11.05	-6.63
(=) Excess Retained (M)	34.31	40.94	45.36
(/) Shares Outstanding (M)	112.24	112.24	112.24
(=) Excess Retained per Share	0.31	0.36	0.40
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.31	0.36	0.40
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	1.18%	2.18%	3.18%
Fair Value	$12.01	$16.35	$22.74
Upside / Downside	-48.63%	-30.09%	-2.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88.40	90.32	92.29	94.30	96.36	98.46	101.41
Payout Ratio	41.19%	50.95%	60.71%	70.48%	80.24%	90.00%	92.50%
Projected Dividends (M)	36.41	46.02	56.03	66.46	77.32	88.61	93.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	1.18%	2.18%	3.18%
Year 1 PV (M)	42.80	43.22	43.64
Year 2 PV (M)	48.45	49.42	50.39
Year 3 PV (M)	53.44	55.04	56.67
Year 4 PV (M)	57.81	60.13	62.52
Year 5 PV (M)	61.61	64.72	67.95
PV of Terminal Value (M)	1,871.16	1,965.48	2,063.55
Equity Value (M)	2,135.28	2,238.01	2,344.73
Shares Outstanding (M)	112.24	112.24	112.24
Fair Value	$19.02	$19.94	$20.89
Upside / Downside	-18.66%	-14.75%	-10.68%

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Donglai Coating Technology (Shanghai) Co., Ltd. (688129.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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