DDM Analysis: 300885.SZ

Valuation Snapshot

Stable Growth	$6.04 - $15.61	$9.16
Multi-Stage	$9.37 - $10.29	$9.82
Blended Fair Value	$9.49
Current Price	$24.01
Upside	-60.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	75.21%	0.00%	0.08	0.00	0.00	0.24	0.00	0.00	0.03	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	-100.00%	-83.80%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.53%	0.00%	0.00%	1.81%	0.00%	0.03%	0.18%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.11
(-) Cash Dividends Paid (M)	30.00
(=) Cash Retained (M)	38.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.62	8.51	5.11
Cash Retained (M)	38.10	38.10	38.10
(-) Cash Required (M)	-13.62	-8.51	-5.11
(=) Excess Retained (M)	24.48	29.59	33.00
(/) Shares Outstanding (M)	250.07	250.07	250.07
(=) Excess Retained per Share	0.10	0.12	0.13
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.10	0.12	0.13
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	1.88%	2.88%	3.88%
Fair Value	$6.04	$9.16	$15.61
Upside / Downside	-74.85%	-61.85%	-34.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.11	70.07	72.09	74.16	76.30	78.50	80.85
Payout Ratio	44.05%	53.24%	62.43%	71.62%	80.81%	90.00%	92.50%
Projected Dividends (M)	30.00	37.30	45.00	53.12	61.66	70.65	74.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	1.88%	2.88%	3.88%
Year 1 PV (M)	35.00	35.34	35.68
Year 2 PV (M)	39.61	40.39	41.18
Year 3 PV (M)	43.86	45.16	46.49
Year 4 PV (M)	47.76	49.66	51.62
Year 5 PV (M)	51.34	53.91	56.58
PV of Terminal Value (M)	2,125.48	2,231.86	2,342.46
Equity Value (M)	2,343.05	2,456.33	2,574.02
Shares Outstanding (M)	250.07	250.07	250.07
Fair Value	$9.37	$9.82	$10.29
Upside / Downside	-60.98%	-59.09%	-57.13%

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Yangzhou Seashine New Materials Co.,Ltd. (300885.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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