DDM Analysis: 600187.SS

Valuation Snapshot

Stable Growth	$0.02 - $0.03	$0.03
Multi-Stage	$0.04 - $0.05	$0.04
Blended Fair Value	$0.03
Current Price	$2.81
Upside	-98.78%
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	-19.06%	-18.96%	0.00	0.00	0.01	0.01	0.01	0.01	0.02	0.02	0.04	0.02
YoY Growth	-	-	-27.95%	-20.46%	-21.17%	13.11%	-32.03%	-46.15%	-26.12%	-38.97%	66.30%	-12.84%
Dividend Yield	-	-	0.10%	0.19%	0.23%	0.31%	0.25%	0.42%	0.51%	0.53%	0.69%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18.44
(-) Cash Dividends Paid (M)	2.55
(=) Cash Retained (M)	15.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.69	2.31	1.38
Cash Retained (M)	15.89	15.89	15.89
(-) Cash Required (M)	-3.69	-2.31	-1.38
(=) Excess Retained (M)	12.20	13.59	14.51
(/) Shares Outstanding (M)	1,670.90	1,670.90	1,670.90
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.01	0.01	0.01
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-20.96%	-19.96%	-18.96%
Fair Value	$0.02	$0.03	$0.03
Upside / Downside	-99.20%	-99.08%	-98.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.44	14.76	11.81	9.46	7.57	6.06	6.24
Payout Ratio	13.82%	29.06%	44.29%	59.53%	74.76%	90.00%	92.50%
Projected Dividends (M)	2.55	4.29	5.23	5.63	5.66	5.45	5.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-20.96%	-19.96%	-18.96%
Year 1 PV (M)	3.85	3.90	3.95
Year 2 PV (M)	4.22	4.33	4.44
Year 3 PV (M)	4.08	4.24	4.40
Year 4 PV (M)	3.68	3.87	4.07
Year 5 PV (M)	3.19	3.40	3.61
PV of Terminal Value (M)	48.68	51.84	55.16
Equity Value (M)	67.71	71.58	75.64
Shares Outstanding (M)	1,670.90	1,670.90	1,670.90
Fair Value	$0.04	$0.04	$0.05
Upside / Downside	-98.56%	-98.48%	-98.39%

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Heilongjiang Interchina Water Treatment Co.,Ltd. (600187.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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