DDM Analysis: 600426.SS

Valuation Snapshot

Stable Growth	$39.87 - $123.59	$63.80
Multi-Stage	$26.83 - $29.29	$28.04
Blended Fair Value	$45.92
Current Price	$26.61
Upside	72.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.19%	18.40%	1.04	0.91	0.86	0.29	0.32	0.24	0.23	0.16	0.13	0.19
YoY Growth	-	-	13.87%	6.39%	196.58%	-10.21%	34.89%	6.20%	38.64%	27.97%	-33.19%	-1.18%
Dividend Yield	-	-	4.71%	3.40%	2.44%	0.89%	1.12%	1.98%	1.80%	1.33%	1.61%	3.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,227.62
(-) Cash Dividends Paid (M)	1,491.95
(=) Cash Retained (M)	1,735.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	645.52	403.45	242.07
Cash Retained (M)	1,735.67	1,735.67	1,735.67
(-) Cash Required (M)	-645.52	-403.45	-242.07
(=) Excess Retained (M)	1,090.15	1,332.22	1,493.60
(/) Shares Outstanding (M)	2,117.52	2,117.52	2,117.52
(=) Excess Retained per Share	0.51	0.63	0.71
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.51	0.63	0.71
(=) Adjusted Dividend	1.22	1.33	1.41
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.87	$63.80	$123.59
Upside / Downside	49.84%	139.75%	364.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,227.62	3,437.41	3,660.84	3,898.80	4,152.22	4,422.12	4,554.78
Payout Ratio	46.22%	54.98%	63.73%	72.49%	81.24%	90.00%	92.50%
Projected Dividends (M)	1,491.95	1,889.87	2,333.23	2,826.23	3,373.47	3,979.90	4,213.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,721.87	1,738.19	1,754.51
Year 2 PV (M)	1,936.84	1,973.73	2,010.97
Year 3 PV (M)	2,137.52	2,198.89	2,261.41
Year 4 PV (M)	2,324.60	2,414.00	2,505.95
Year 5 PV (M)	2,498.69	2,619.37	2,744.68
PV of Terminal Value (M)	46,191.93	48,423.02	50,739.49
Equity Value (M)	56,811.44	59,367.19	62,017.01
Shares Outstanding (M)	2,117.52	2,117.52	2,117.52
Fair Value	$26.83	$28.04	$29.29
Upside / Downside	0.82%	5.36%	10.06%

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Shandong Hualu-Hengsheng Chemical Co., Ltd. (600426.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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