DDM Analysis: 600309.SS

Valuation Snapshot

Stable Growth	$200.47 - $704.20	$659.94
Multi-Stage	$90.99 - $99.52	$95.18
Blended Fair Value	$377.56
Current Price	$66.58
Upside	467.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.12%	20.99%	3.25	1.60	2.50	1.30	1.30	2.00	1.31	0.66	0.14	0.21
YoY Growth	-	-	102.45%	-36.00%	92.31%	0.00%	-35.00%	53.12%	99.23%	375.98%	-33.33%	-57.14%
Dividend Yield	-	-	4.83%	1.90%	2.61%	1.61%	1.23%	4.86%	2.78%	1.64%	0.61%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,097.03
(-) Cash Dividends Paid (M)	5,003.12
(=) Cash Retained (M)	6,093.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,219.41	1,387.13	832.28
Cash Retained (M)	6,093.91	6,093.91	6,093.91
(-) Cash Required (M)	-2,219.41	-1,387.13	-832.28
(=) Excess Retained (M)	3,874.50	4,706.78	5,261.63
(/) Shares Outstanding (M)	3,133.93	3,133.93	3,133.93
(=) Excess Retained per Share	1.24	1.50	1.68
LTM Dividend per Share	1.60	1.60	1.60
(+) Excess Retained per Share	1.24	1.50	1.68
(=) Adjusted Dividend	2.83	3.10	3.28
WACC / Discount Rate	6.99%	6.99%	6.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$200.47	$659.94	$704.20
Upside / Downside	201.09%	891.20%	957.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,097.03	11,818.34	12,586.53	13,404.65	14,275.96	15,203.89	15,660.01
Payout Ratio	45.09%	54.07%	63.05%	72.03%	81.02%	90.00%	92.50%
Projected Dividends (M)	5,003.12	6,389.96	7,935.95	9,655.92	11,565.96	13,683.50	14,485.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.99%	6.99%	6.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,916.36	5,972.44	6,028.52
Year 2 PV (M)	6,803.18	6,932.76	7,063.56
Year 3 PV (M)	7,664.13	7,884.14	8,108.32
Year 4 PV (M)	8,499.77	8,826.65	9,162.87
Year 5 PV (M)	9,310.64	9,760.35	10,227.27
PV of Terminal Value (M)	246,977.05	258,906.13	271,291.77
Equity Value (M)	285,171.13	298,282.47	311,882.31
Shares Outstanding (M)	3,133.93	3,133.93	3,133.93
Fair Value	$90.99	$95.18	$99.52
Upside / Downside	36.67%	42.95%	49.47%

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Wanhua Chemical Group Co., Ltd. (600309.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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