DDM Analysis: 603931.SS

Valuation Snapshot

Stable Growth	$104.94 - $123.71	$115.90
Multi-Stage	$234.24 - $257.85	$245.82
Blended Fair Value	$180.86
Current Price	$26.62
Upside	579.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.06%	0.00%	0.27	0.25	0.21	0.15	0.13	0.14	0.11	0.27	0.18	0.00
YoY Growth	-	-	6.00%	16.67%	40.00%	15.11%	-3.12%	20.49%	-58.39%	49.65%	0.00%	0.00%
Dividend Yield	-	-	0.94%	1.14%	0.62%	0.79%	0.61%	0.87%	0.73%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	127.60
(-) Cash Dividends Paid (M)	43.90
(=) Cash Retained (M)	83.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.52	15.95	9.57
Cash Retained (M)	83.70	83.70	83.70
(-) Cash Required (M)	-25.52	-15.95	-9.57
(=) Excess Retained (M)	58.18	67.75	74.13
(/) Shares Outstanding (M)	199.56	199.56	199.56
(=) Excess Retained per Share	0.29	0.34	0.37
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.29	0.34	0.37
(=) Adjusted Dividend	0.51	0.56	0.59
WACC / Discount Rate	-21.27%	-21.27%	-21.27%
Growth Rate	2.58%	3.58%	4.58%
Fair Value	$104.94	$115.90	$123.71
Upside / Downside	294.23%	335.39%	364.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	127.60	132.17	136.89	141.79	146.86	152.11	156.67
Payout Ratio	34.41%	45.52%	56.64%	67.76%	78.88%	90.00%	92.50%
Projected Dividends (M)	43.90	60.17	77.54	96.08	115.84	136.90	144.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-21.27%	-21.27%	-21.27%
Growth Rate	2.58%	3.58%	4.58%
Year 1 PV (M)	75.68	76.42	77.16
Year 2 PV (M)	122.69	125.09	127.52
Year 3 PV (M)	191.22	196.86	202.62
Year 4 PV (M)	290.00	301.48	313.29
Year 5 PV (M)	431.08	452.51	474.78
PV of Terminal Value (M)	45,634.74	47,902.98	50,260.53
Equity Value (M)	46,745.40	49,055.34	51,455.89
Shares Outstanding (M)	199.56	199.56	199.56
Fair Value	$234.24	$245.82	$257.85
Upside / Downside	779.96%	823.44%	868.63%

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Hangzhou Greenda Electronic Materials Co., Ltd. (603931.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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