DDM Analysis: 300428.SZ

Valuation Snapshot

Stable Growth	$116.81 - $253.38	$237.46
Multi-Stage	$38.62 - $42.25	$40.40
Blended Fair Value	$138.93
Current Price	$23.90
Upside	481.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.19%	49.61%	0.54	0.50	0.49	0.38	0.34	0.35	0.30	0.03	0.12	0.00
YoY Growth	-	-	8.60%	0.72%	28.52%	12.73%	-2.04%	16.56%	877.21%	-75.10%	3,418.76%	-63.73%
Dividend Yield	-	-	2.96%	2.70%	1.84%	1.70%	2.58%	2.64%	2.32%	0.20%	0.45%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	839.20
(-) Cash Dividends Paid (M)	437.25
(=) Cash Retained (M)	401.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	167.84	104.90	62.94
Cash Retained (M)	401.95	401.95	401.95
(-) Cash Required (M)	-167.84	-104.90	-62.94
(=) Excess Retained (M)	234.11	297.05	339.01
(/) Shares Outstanding (M)	658.67	658.67	658.67
(=) Excess Retained per Share	0.36	0.45	0.51
LTM Dividend per Share	0.66	0.66	0.66
(+) Excess Retained per Share	0.36	0.45	0.51
(=) Adjusted Dividend	1.02	1.11	1.18
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$116.81	$237.46	$253.38
Upside / Downside	388.74%	893.54%	960.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	839.20	893.75	951.84	1,013.71	1,079.60	1,149.77	1,184.27
Payout Ratio	52.10%	59.68%	67.26%	74.84%	82.42%	90.00%	92.50%
Projected Dividends (M)	437.25	533.41	640.22	758.67	889.81	1,034.80	1,095.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	496.52	501.23	505.93
Year 2 PV (M)	554.74	565.30	575.97
Year 3 PV (M)	611.91	629.47	647.37
Year 4 PV (M)	668.05	693.74	720.16
Year 5 PV (M)	723.17	758.10	794.37
PV of Terminal Value (M)	22,380.95	23,461.96	24,584.34
Equity Value (M)	25,435.34	26,609.80	27,828.15
Shares Outstanding (M)	658.67	658.67	658.67
Fair Value	$38.62	$40.40	$42.25
Upside / Downside	61.57%	69.03%	76.77%

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Lizhong Sitong Light Alloys Group Co., Ltd. (300428.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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