DDM Analysis: 603332.SS

Valuation Snapshot

Stable Growth	$2.16 - $3.28	$2.68
Multi-Stage	$5.41 - $5.95	$5.68
Blended Fair Value	$4.18
Current Price	$12.90
Upside	-67.59%
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	-17.23%	-0.61%	0.15	0.08	0.16	0.08	0.33	0.38	0.00	0.15	0.45	0.27
YoY Growth	-	-	94.27%	-53.33%	100.00%	-75.00%	-14.29%	8,266.97%	-97.02%	-66.06%	65.25%	73.40%
Dividend Yield	-	-	1.54%	0.89%	1.91%	0.66%	3.34%	2.97%	0.02%	0.99%	2.93%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.21
(-) Cash Dividends Paid (M)	47.44
(=) Cash Retained (M)	6.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.84	6.78	4.07
Cash Retained (M)	6.77	6.77	6.77
(-) Cash Required (M)	-10.84	-6.78	-4.07
(=) Excess Retained (M)	-4.08	-0.01	2.70
(/) Shares Outstanding (M)	218.84	218.84	218.84
(=) Excess Retained per Share	-0.02	0.00	0.01
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	-0.02	0.00	0.01
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-2.61%	-1.61%	-0.61%
Fair Value	$2.16	$2.68	$3.28
Upside / Downside	-83.27%	-79.19%	-74.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.21	53.33	52.48	51.63	50.80	49.98	51.48
Payout Ratio	87.52%	88.01%	88.51%	89.01%	89.50%	90.00%	92.50%
Projected Dividends (M)	47.44	46.94	46.45	45.96	45.47	44.98	47.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-2.61%	-1.61%	-0.61%
Year 1 PV (M)	43.70	44.15	44.59
Year 2 PV (M)	40.25	41.08	41.92
Year 3 PV (M)	37.07	38.22	39.40
Year 4 PV (M)	34.14	35.56	37.03
Year 5 PV (M)	31.44	33.09	34.81
PV of Terminal Value (M)	998.19	1,050.50	1,104.98
Equity Value (M)	1,184.78	1,242.60	1,302.73
Shares Outstanding (M)	218.84	218.84	218.84
Fair Value	$5.41	$5.68	$5.95
Upside / Downside	-58.03%	-55.98%	-53.85%

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Suzhou Longjie Special Fiber Co., Ltd. (603332.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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