DDM Analysis: 300285.SZ

Valuation Snapshot

Stable Growth	$24.67 - $123.46	$51.48
Multi-Stage	$13.50 - $14.77	$14.12
Blended Fair Value	$32.80
Current Price	$22.32
Upside	46.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.52%	20.13%	0.12	0.12	0.12	0.11	0.07	0.09	0.07	0.03	0.04	0.02
YoY Growth	-	-	1.79%	-2.80%	10.41%	61.22%	-25.72%	39.10%	117.02%	-17.47%	107.65%	-7.54%
Dividend Yield	-	-	0.64%	0.66%	0.43%	0.32%	0.16%	0.44%	0.41%	0.22%	0.28%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	612.03
(-) Cash Dividends Paid (M)	187.46
(=) Cash Retained (M)	424.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.41	76.50	45.90
Cash Retained (M)	424.57	424.57	424.57
(-) Cash Required (M)	-122.41	-76.50	-45.90
(=) Excess Retained (M)	302.16	348.06	378.66
(/) Shares Outstanding (M)	985.89	985.89	985.89
(=) Excess Retained per Share	0.31	0.35	0.38
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.31	0.35	0.38
(=) Adjusted Dividend	0.50	0.54	0.57
WACC / Discount Rate	7.62%	7.62%	7.62%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$24.67	$51.48	$123.46
Upside / Downside	10.53%	130.65%	453.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	612.03	651.81	694.18	739.30	787.36	838.53	863.69
Payout Ratio	30.63%	42.50%	54.38%	66.25%	78.13%	90.00%	92.50%
Projected Dividends (M)	187.46	277.05	377.48	489.80	615.13	754.68	798.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.62%	7.62%	7.62%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	255.00	257.42	259.84
Year 2 PV (M)	319.80	325.90	332.04
Year 3 PV (M)	381.95	392.91	404.08
Year 4 PV (M)	441.52	458.49	475.96
Year 5 PV (M)	498.58	522.66	547.67
PV of Terminal Value (M)	11,415.17	11,966.53	12,538.99
Equity Value (M)	13,312.03	13,923.92	14,558.58
Shares Outstanding (M)	985.89	985.89	985.89
Fair Value	$13.50	$14.12	$14.77
Upside / Downside	-39.50%	-36.72%	-33.84%

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Shandong Sinocera Functional Material Co., Ltd. (300285.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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