DDM Analysis: 002565.SZ

Valuation Snapshot

Stable Growth	$0.33 - $0.47	$0.40
Multi-Stage	$0.73 - $0.80	$0.76
Blended Fair Value	$0.58
Current Price	$7.38
Upside	-92.14%
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	2.42%	-8.53%	0.03	0.01	0.01	0.01	0.02	0.03	0.17	0.06	0.03	0.04
YoY Growth	-	-	442.25%	-22.08%	-27.61%	-37.94%	-40.63%	-84.29%	161.16%	86.97%	-11.49%	-46.41%
Dividend Yield	-	-	0.96%	0.18%	0.18%	0.18%	0.36%	0.55%	1.24%	1.73%	0.58%	0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.69
(-) Cash Dividends Paid (M)	44.38
(=) Cash Retained (M)	12.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.34	7.09	4.25
Cash Retained (M)	12.31	12.31	12.31
(-) Cash Required (M)	-11.34	-7.09	-4.25
(=) Excess Retained (M)	0.97	5.22	8.06
(/) Shares Outstanding (M)	1,064.65	1,064.65	1,064.65
(=) Excess Retained per Share	0.00	0.00	0.01
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.00	0.00	0.01
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	-4.45%	-3.45%	-2.45%
Fair Value	$0.33	$0.40	$0.47
Upside / Downside	-95.52%	-94.61%	-93.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.69	54.74	52.85	51.03	49.27	47.57	49.00
Payout Ratio	78.29%	80.63%	82.97%	85.31%	87.66%	90.00%	92.50%
Projected Dividends (M)	44.38	44.13	43.85	43.54	43.19	42.81	45.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	-4.45%	-3.45%	-2.45%
Year 1 PV (M)	40.49	40.92	41.34
Year 2 PV (M)	36.91	37.69	38.47
Year 3 PV (M)	33.62	34.69	35.78
Year 4 PV (M)	30.60	31.90	33.25
Year 5 PV (M)	27.83	29.32	30.87
PV of Terminal Value (M)	605.60	637.96	671.69
Equity Value (M)	775.07	812.48	851.40
Shares Outstanding (M)	1,064.65	1,064.65	1,064.65
Fair Value	$0.73	$0.76	$0.80
Upside / Downside	-90.14%	-89.66%	-89.16%

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Shanghai Shunho New Materials Technology Co.,Ltd. (002565.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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