DDM Analysis: 300243.SZ

Valuation Snapshot

Stable Growth	$1.69 - $7.64	$3.90
Multi-Stage	$0.92 - $1.00	$0.96
Blended Fair Value	$2.43
Current Price	$10.78
Upside	-77.46%
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	4.24%	7.50%	0.15	0.03	0.14	0.16	0.11	0.12	0.09	0.06	0.19	0.08
YoY Growth	-	-	352.96%	-77.10%	-7.21%	39.26%	-8.16%	37.03%	57.47%	-69.70%	128.75%	11.93%
Dividend Yield	-	-	1.56%	0.39%	1.72%	1.38%	0.85%	1.80%	0.94%	0.51%	1.38%	0.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.88
(-) Cash Dividends Paid (M)	8.48
(=) Cash Retained (M)	1.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.98	1.23	0.74
Cash Retained (M)	1.40	1.40	1.40
(-) Cash Required (M)	-1.98	-1.23	-0.74
(=) Excess Retained (M)	-0.57	0.17	0.66
(/) Shares Outstanding (M)	257.30	257.30	257.30
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.03	0.03	0.04
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1.69	$3.90	$7.64
Upside / Downside	-84.32%	-63.81%	-29.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.88	10.52	11.21	11.93	12.71	13.54	13.94
Payout Ratio	85.81%	86.64%	87.48%	88.32%	89.16%	90.00%	92.50%
Projected Dividends (M)	8.48	9.12	9.80	10.54	11.33	12.18	12.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8.41	8.49	8.57
Year 2 PV (M)	8.34	8.50	8.66
Year 3 PV (M)	8.27	8.50	8.75
Year 4 PV (M)	8.20	8.51	8.84
Year 5 PV (M)	8.13	8.52	8.93
PV of Terminal Value (M)	194.80	204.21	213.98
Equity Value (M)	236.13	246.73	257.71
Shares Outstanding (M)	257.30	257.30	257.30
Fair Value	$0.92	$0.96	$1.00
Upside / Downside	-91.49%	-91.10%	-90.71%

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Shandong Ruifeng Chemical Co., Ltd. (300243.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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