DDM Analysis: 300610.SZ

Valuation Snapshot

Stable Growth	$4.57 - $8.20	$6.09
Multi-Stage	$8.22 - $9.02	$8.61
Blended Fair Value	$7.35
Current Price	$11.86
Upside	-38.01%
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	19.79%	0.92%	0.19	0.34	0.35	0.29	0.11	0.08	0.07	0.05	0.04	0.04
YoY Growth	-	-	-42.43%	-4.73%	22.59%	162.18%	39.94%	7.09%	43.66%	29.33%	11.65%	-80.01%
Dividend Yield	-	-	1.89%	3.61%	2.74%	1.81%	0.92%	0.97%	0.68%	0.47%	0.21%	0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.02
(-) Cash Dividends Paid (M)	44.20
(=) Cash Retained (M)	25.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.00	8.75	5.25
Cash Retained (M)	25.82	25.82	25.82
(-) Cash Required (M)	-14.00	-8.75	-5.25
(=) Excess Retained (M)	11.81	17.06	20.57
(/) Shares Outstanding (M)	210.90	210.90	210.90
(=) Excess Retained per Share	0.06	0.08	0.10
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.06	0.08	0.10
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.51%	1.51%	2.51%
Fair Value	$4.57	$6.09	$8.20
Upside / Downside	-61.46%	-48.63%	-30.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.02	71.08	72.16	73.25	74.36	75.48	77.75
Payout Ratio	63.13%	68.50%	73.88%	79.25%	84.63%	90.00%	92.50%
Projected Dividends (M)	44.20	48.69	53.31	58.05	62.93	67.94	71.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.51%	1.51%	2.51%
Year 1 PV (M)	45.33	45.78	46.23
Year 2 PV (M)	46.20	47.13	48.06
Year 3 PV (M)	46.84	48.26	49.70
Year 4 PV (M)	47.27	49.18	51.15
Year 5 PV (M)	47.51	49.93	52.43
PV of Terminal Value (M)	1,499.57	1,575.66	1,654.82
Equity Value (M)	1,732.74	1,815.94	1,902.39
Shares Outstanding (M)	210.90	210.90	210.90
Fair Value	$8.22	$8.61	$9.02
Upside / Downside	-30.73%	-27.40%	-23.94%

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Yangzhou Chenhua New Material Co., Ltd. (300610.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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