DDM Analysis: 603200.SS

Valuation Snapshot

Stable Growth	$3.79 - $5.27	$4.53
Multi-Stage	$7.30 - $8.05	$7.67
Blended Fair Value	$6.10
Current Price	$90.79
Upside	-93.28%
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	-2.92%	0.00%	0.12	0.12	0.10	0.10	0.04	0.14	0.34	0.00	0.00	0.00
YoY Growth	-	-	5.42%	13.99%	-2.37%	194.02%	-75.00%	-58.83%	2,649,662.75%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.34%	0.49%	0.45%	0.67%	0.23%	0.51%	2.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	114.01
(-) Cash Dividends Paid (M)	22.86
(=) Cash Retained (M)	91.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.80	14.25	8.55
Cash Retained (M)	91.15	91.15	91.15
(-) Cash Required (M)	-22.80	-14.25	-8.55
(=) Excess Retained (M)	68.35	76.90	82.60
(/) Shares Outstanding (M)	175.46	175.46	175.46
(=) Excess Retained per Share	0.39	0.44	0.47
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.39	0.44	0.47
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	-4.66%	-3.66%	-2.66%
Fair Value	$3.79	$4.53	$5.27
Upside / Downside	-95.83%	-95.01%	-94.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.01	109.84	105.82	101.95	98.22	94.62	97.46
Payout Ratio	20.05%	34.04%	48.03%	62.02%	76.01%	90.00%	92.50%
Projected Dividends (M)	22.86	37.39	50.82	63.23	74.65	85.16	90.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	-4.66%	-3.66%	-2.66%
Year 1 PV (M)	34.12	34.48	34.84
Year 2 PV (M)	42.33	43.23	44.13
Year 3 PV (M)	48.07	49.59	51.15
Year 4 PV (M)	51.80	54.00	56.28
Year 5 PV (M)	53.92	56.81	59.82
PV of Terminal Value (M)	1,050.94	1,107.22	1,165.89
Equity Value (M)	1,281.18	1,345.34	1,412.12
Shares Outstanding (M)	175.46	175.46	175.46
Fair Value	$7.30	$7.67	$8.05
Upside / Downside	-91.96%	-91.55%	-91.14%

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Shanghai Emperor of Cleaning Hi-Tech Co., Ltd (603200.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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