DDM Analysis: 603806.SS

Valuation Snapshot

Stable Growth	$5.76 - $13.57	$8.47
Multi-Stage	$4.44 - $4.83	$4.63
Blended Fair Value	$6.55
Current Price	$15.70
Upside	-58.27%
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	17.38%	17.63%	0.19	0.09	0.13	0.12	0.11	0.09	0.09	0.15	0.10	0.07
YoY Growth	-	-	105.42%	-26.60%	4.05%	16.20%	22.24%	-2.71%	-39.87%	42.86%	55.52%	75.09%
Dividend Yield	-	-	1.38%	0.46%	0.43%	0.30%	0.41%	0.98%	1.15%	2.43%	1.34%	1.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	737.13
(-) Cash Dividends Paid (M)	691.95
(=) Cash Retained (M)	45.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	147.43	92.14	55.28
Cash Retained (M)	45.19	45.19	45.19
(-) Cash Required (M)	-147.43	-92.14	-55.28
(=) Excess Retained (M)	-102.24	-46.96	-10.10
(/) Shares Outstanding (M)	2,704.34	2,704.34	2,704.34
(=) Excess Retained per Share	-0.04	-0.02	0.00
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	-0.04	-0.02	0.00
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.76	$8.47	$13.57
Upside / Downside	-63.34%	-46.02%	-13.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	737.13	785.05	836.07	890.42	948.30	1,009.94	1,040.23
Payout Ratio	93.87%	93.10%	92.32%	91.55%	90.77%	90.00%	92.50%
Projected Dividends (M)	691.95	730.85	771.88	815.16	860.81	908.94	962.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	661.19	667.46	673.72
Year 2 PV (M)	631.76	643.79	655.94
Year 3 PV (M)	603.59	620.92	638.57
Year 4 PV (M)	576.64	598.81	621.62
Year 5 PV (M)	550.85	577.46	605.08
PV of Terminal Value (M)	8,975.08	9,408.58	9,858.67
Equity Value (M)	11,999.10	12,517.01	13,053.61
Shares Outstanding (M)	2,704.34	2,704.34	2,704.34
Fair Value	$4.44	$4.63	$4.83
Upside / Downside	-71.74%	-70.52%	-69.26%

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Financial Statements

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Ticker

Industry

Sector

Hangzhou First Applied Material Co., Ltd. (603806.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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