DDM Analysis: 603637.SS

Valuation Snapshot

Stable Growth	$2.44 - $3.50	$2.96
Multi-Stage	$3.68 - $4.03	$3.85
Blended Fair Value	$3.40
Current Price	$12.42
Upside	-72.59%
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	-6.55%	0.76%	0.12	0.12	0.11	0.13	0.13	0.16	0.07	0.08	0.05	0.11
YoY Growth	-	-	0.00%	8.33%	-19.98%	2.86%	-20.06%	118.21%	-2.50%	42.22%	-50.00%	0.00%
Dividend Yield	-	-	1.21%	1.56%	1.25%	1.42%	1.75%	1.64%	0.60%	0.68%	0.29%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92.74
(-) Cash Dividends Paid (M)	47.74
(=) Cash Retained (M)	45.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.55	11.59	6.96
Cash Retained (M)	45.00	45.00	45.00
(-) Cash Required (M)	-18.55	-11.59	-6.96
(=) Excess Retained (M)	26.46	33.41	38.05
(/) Shares Outstanding (M)	267.32	267.32	267.32
(=) Excess Retained per Share	0.10	0.12	0.14
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.10	0.12	0.14
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-1.24%	-0.24%	0.76%
Fair Value	$2.44	$2.96	$3.50
Upside / Downside	-80.37%	-76.19%	-71.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92.74	92.52	92.29	92.07	91.85	91.62	94.37
Payout Ratio	51.47%	59.18%	66.88%	74.59%	82.29%	90.00%	92.50%
Projected Dividends (M)	47.74	54.75	61.73	68.67	75.58	82.46	87.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-1.24%	-0.24%	0.76%
Year 1 PV (M)	49.27	49.77	50.27
Year 2 PV (M)	50.00	51.02	52.04
Year 3 PV (M)	50.06	51.60	53.16
Year 4 PV (M)	49.59	51.62	53.73
Year 5 PV (M)	48.69	51.20	53.82
PV of Terminal Value (M)	736.28	774.32	813.92
Equity Value (M)	983.89	1,029.53	1,076.94
Shares Outstanding (M)	267.32	267.32	267.32
Fair Value	$3.68	$3.85	$4.03
Upside / Downside	-70.37%	-68.99%	-67.56%

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Financial Statements

Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

Zhenhai Petrochemical Engineering Co. Ltd. (603637.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener