DDM Analysis: 301192.SZ

Valuation Snapshot

Stable Growth	$68.02 - $80.14	$75.10
Multi-Stage	$55.89 - $61.31	$58.55
Blended Fair Value	$66.83
Current Price	$32.58
Upside	105.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-13.87%	47.75%	0.25	0.24	0.50	0.33	0.37	0.53	0.53	0.53	0.42	0.00
YoY Growth	-	-	5.47%	-52.67%	50.00%	-9.56%	-30.00%	0.00%	0.00%	25.00%	21,260.41%	-60.83%
Dividend Yield	-	-	1.32%	1.40%	2.59%	0.94%	1.04%	1.49%	1.49%	1.49%	1.19%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.25
(-) Cash Dividends Paid (M)	28.00
(=) Cash Retained (M)	12.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.05	5.03	3.02
Cash Retained (M)	12.25	12.25	12.25
(-) Cash Required (M)	-8.05	-5.03	-3.02
(=) Excess Retained (M)	4.20	7.22	9.23
(/) Shares Outstanding (M)	99.88	99.88	99.88
(=) Excess Retained per Share	0.04	0.07	0.09
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.04	0.07	0.09
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	-1.40%	-1.40%	-1.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$68.02	$75.10	$80.14
Upside / Downside	108.78%	130.52%	145.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.25	42.86	45.65	48.62	51.78	55.14	56.80
Payout Ratio	69.57%	73.66%	77.74%	81.83%	85.91%	90.00%	92.50%
Projected Dividends (M)	28.00	31.57	35.49	39.78	44.48	49.63	52.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.40%	-1.40%	-1.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	31.72	32.02	32.32
Year 2 PV (M)	35.82	36.50	37.19
Year 3 PV (M)	40.34	41.50	42.68
Year 4 PV (M)	45.32	47.06	48.86
Year 5 PV (M)	50.80	53.25	55.80
PV of Terminal Value (M)	5,377.64	5,637.38	5,907.06
Equity Value (M)	5,581.64	5,847.72	6,123.91
Shares Outstanding (M)	99.88	99.88	99.88
Fair Value	$55.89	$58.55	$61.31
Upside / Downside	71.53%	79.71%	88.20%

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Shiyan Taixiang Industry Co.,Ltd. (301192.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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