DDM Analysis: 603214.SS

Valuation Snapshot

Stable Growth	$18.85 - $50.25	$28.86
Multi-Stage	$13.13 - $14.33	$13.72
Blended Fair Value	$21.29
Current Price	$17.99
Upside	18.36%
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	12.57%	21.05%	0.51	0.37	0.29	0.39	0.39	0.28	0.21	0.25	0.12	0.12
YoY Growth	-	-	36.87%	27.78%	-25.10%	0.09%	37.90%	37.03%	-16.75%	111.03%	-2.19%	58.72%
Dividend Yield	-	-	2.55%	2.85%	1.61%	1.90%	1.70%	0.95%	0.72%	1.21%	0.57%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	110.85
(-) Cash Dividends Paid (M)	45.60
(=) Cash Retained (M)	65.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.17	13.86	8.31
Cash Retained (M)	65.25	65.25	65.25
(-) Cash Required (M)	-22.17	-13.86	-8.31
(=) Excess Retained (M)	43.08	51.40	56.94
(/) Shares Outstanding (M)	138.55	138.55	138.55
(=) Excess Retained per Share	0.31	0.37	0.41
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.31	0.37	0.41
(=) Adjusted Dividend	0.64	0.70	0.74
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.85	$28.86	$50.25
Upside / Downside	4.76%	60.44%	179.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	110.85	118.06	125.73	133.90	142.61	151.88	156.43
Payout Ratio	41.13%	50.91%	60.68%	70.45%	80.23%	90.00%	92.50%
Projected Dividends (M)	45.60	60.10	76.29	94.34	114.41	136.69	144.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	54.58	55.10	55.61
Year 2 PV (M)	62.92	64.12	65.33
Year 3 PV (M)	70.65	72.68	74.75
Year 4 PV (M)	77.81	80.80	83.88
Year 5 PV (M)	84.42	88.50	92.73
PV of Terminal Value (M)	1,469.14	1,540.10	1,613.78
Equity Value (M)	1,819.52	1,901.30	1,986.08
Shares Outstanding (M)	138.55	138.55	138.55
Fair Value	$13.13	$13.72	$14.33
Upside / Downside	-27.00%	-23.72%	-20.32%

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Financial Statements

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Shanghai Aiyingshi Co.,Ltd (603214.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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