DDM Analysis: 002648.SZ

Valuation Snapshot

Stable Growth	$83.31 - $363.52	$199.99
Multi-Stage	$42.43 - $46.42	$44.39
Blended Fair Value	$122.19
Current Price	$19.34
Upside	531.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.38%	20.45%	0.53	0.16	0.67	0.29	0.06	0.09	0.06	0.06	0.03	0.03
YoY Growth	-	-	222.32%	-75.72%	131.35%	407.72%	-36.33%	49.89%	3.99%	76.52%	-6.64%	-57.26%
Dividend Yield	-	-	2.29%	0.88%	4.20%	1.44%	0.42%	1.89%	1.02%	1.01%	0.70%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,134.13
(-) Cash Dividends Paid (M)	1,941.15
(=) Cash Retained (M)	4,192.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,226.83	766.77	460.06
Cash Retained (M)	4,192.98	4,192.98	4,192.98
(-) Cash Required (M)	-1,226.83	-766.77	-460.06
(=) Excess Retained (M)	2,966.15	3,426.21	3,732.92
(/) Shares Outstanding (M)	3,355.89	3,355.89	3,355.89
(=) Excess Retained per Share	0.88	1.02	1.11
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.88	1.02	1.11
(=) Adjusted Dividend	1.46	1.60	1.69
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$83.31	$199.99	$363.52
Upside / Downside	330.78%	934.09%	1,779.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,134.13	6,532.84	6,957.48	7,409.72	7,891.35	8,404.29	8,656.41
Payout Ratio	31.65%	43.32%	54.99%	66.66%	78.33%	90.00%	92.50%
Projected Dividends (M)	1,941.15	2,829.77	3,825.71	4,939.17	6,181.21	7,563.86	8,007.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,611.23	2,635.98	2,660.73
Year 2 PV (M)	3,257.62	3,319.67	3,382.30
Year 3 PV (M)	3,880.93	3,992.34	4,105.86
Year 4 PV (M)	4,481.77	4,654.13	4,831.41
Year 5 PV (M)	5,060.73	5,305.16	5,558.95
PV of Terminal Value (M)	123,109.13	129,055.34	135,229.13
Equity Value (M)	142,401.40	148,962.61	155,768.38
Shares Outstanding (M)	3,355.89	3,355.89	3,355.89
Fair Value	$42.43	$44.39	$46.42
Upside / Downside	119.41%	129.52%	140.00%

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Satellite Chemical Co.,Ltd. (002648.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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