DDM Analysis: 603105.SS

Valuation Snapshot

Stable Growth	$19.91 - $79.53	$53.58
Multi-Stage	$9.92 - $10.84	$10.37
Blended Fair Value	$31.98
Current Price	$9.25
Upside	245.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.43%	16.64%	0.25	0.26	0.22	0.20	0.13	0.20	0.06	0.03	0.01	0.05
YoY Growth	-	-	-2.48%	13.75%	14.24%	48.34%	-33.94%	213.35%	153.64%	315.80%	-87.21%	-11.17%
Dividend Yield	-	-	2.82%	2.65%	1.43%	1.53%	1.62%	2.59%	0.40%	0.36%	0.09%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	193.72
(-) Cash Dividends Paid (M)	128.56
(=) Cash Retained (M)	65.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.74	24.21	14.53
Cash Retained (M)	65.16	65.16	65.16
(-) Cash Required (M)	-38.74	-24.21	-14.53
(=) Excess Retained (M)	26.42	40.95	50.63
(/) Shares Outstanding (M)	484.41	484.41	484.41
(=) Excess Retained per Share	0.05	0.08	0.10
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.05	0.08	0.10
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	7.20%	7.20%	7.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.91	$53.58	$79.53
Upside / Downside	115.21%	479.29%	759.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	193.72	206.31	219.72	234.00	249.21	265.41	273.37
Payout Ratio	66.36%	71.09%	75.82%	80.55%	85.27%	90.00%	92.50%
Projected Dividends (M)	128.56	146.67	166.59	188.48	212.51	238.87	252.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.20%	7.20%	7.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	135.54	136.82	138.11
Year 2 PV (M)	142.27	144.98	147.71
Year 3 PV (M)	148.75	153.02	157.37
Year 4 PV (M)	154.98	160.94	167.08
Year 5 PV (M)	160.99	168.76	176.84
PV of Terminal Value (M)	4,062.11	4,258.31	4,462.02
Equity Value (M)	4,804.63	5,022.83	5,249.12
Shares Outstanding (M)	484.41	484.41	484.41
Fair Value	$9.92	$10.37	$10.84
Upside / Downside	7.23%	12.10%	17.15%

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Zhejiang Sunoren Solar Technology Co.,Ltd. (603105.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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