DDM Analysis: 300236.SZ

Valuation Snapshot

Stable Growth	$53.40 - $164.59	$154.25
Multi-Stage	$22.25 - $24.34	$23.27
Blended Fair Value	$88.76
Current Price	$62.15
Upside	42.82%
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	42.88%	13.72%	0.25	0.21	0.23	0.25	0.14	0.04	0.08	0.07	0.04	0.00
YoY Growth	-	-	17.20%	-7.37%	-9.02%	87.40%	221.75%	-49.40%	21.79%	58.92%	0.00%	-100.00%
Dividend Yield	-	-	0.71%	0.64%	0.60%	0.71%	0.33%	0.08%	0.29%	0.28%	0.19%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	257.07
(-) Cash Dividends Paid (M)	102.20
(=) Cash Retained (M)	154.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.41	32.13	19.28
Cash Retained (M)	154.87	154.87	154.87
(-) Cash Required (M)	-51.41	-32.13	-19.28
(=) Excess Retained (M)	103.46	122.74	135.59
(/) Shares Outstanding (M)	310.61	310.61	310.61
(=) Excess Retained per Share	0.33	0.40	0.44
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.33	0.40	0.44
(=) Adjusted Dividend	0.66	0.72	0.77
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$53.40	$154.25	$164.59
Upside / Downside	-14.08%	148.18%	164.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	257.07	273.78	291.57	310.53	330.71	352.21	362.77
Payout Ratio	39.76%	49.80%	59.85%	69.90%	79.95%	90.00%	92.50%
Projected Dividends (M)	102.20	136.35	174.52	217.06	264.41	316.99	335.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	126.46	127.66	128.86
Year 2 PV (M)	150.12	152.98	155.86
Year 3 PV (M)	173.17	178.15	183.21
Year 4 PV (M)	195.64	203.17	210.91
Year 5 PV (M)	217.54	228.04	238.95
PV of Terminal Value (M)	6,047.30	6,339.39	6,642.65
Equity Value (M)	6,910.23	7,229.38	7,560.44
Shares Outstanding (M)	310.61	310.61	310.61
Fair Value	$22.25	$23.27	$24.34
Upside / Downside	-64.20%	-62.55%	-60.84%

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Shanghai Sinyang Semiconductor Materials Co., Ltd. (300236.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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