DDM Analysis: 600426.SS

Valuation Snapshot

Stable Growth	$182.53 - $303.13	$284.08
Multi-Stage	$49.24 - $53.89	$51.52
Blended Fair Value	$167.80
Current Price	$26.61
Upside	530.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.19%	18.40%	1.04	0.91	0.86	0.29	0.32	0.24	0.23	0.16	0.13	0.19
YoY Growth	-	-	13.87%	6.39%	196.58%	-10.21%	34.89%	6.20%	38.64%	27.97%	-33.19%	-1.18%
Dividend Yield	-	-	4.71%	3.40%	2.44%	0.89%	1.12%	1.98%	1.80%	1.33%	1.61%	3.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,227.62
(-) Cash Dividends Paid (M)	1,491.95
(=) Cash Retained (M)	1,735.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	645.52	403.45	242.07
Cash Retained (M)	1,735.67	1,735.67	1,735.67
(-) Cash Required (M)	-645.52	-403.45	-242.07
(=) Excess Retained (M)	1,090.15	1,332.22	1,493.60
(/) Shares Outstanding (M)	2,117.52	2,117.52	2,117.52
(=) Excess Retained per Share	0.51	0.63	0.71
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.51	0.63	0.71
(=) Adjusted Dividend	1.22	1.33	1.41
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$182.53	$284.08	$303.13
Upside / Downside	585.93%	967.57%	1,039.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,227.62	3,437.41	3,660.84	3,898.80	4,152.22	4,422.12	4,554.78
Payout Ratio	46.22%	54.98%	63.73%	72.49%	81.24%	90.00%	92.50%
Projected Dividends (M)	1,491.95	1,889.87	2,333.23	2,826.23	3,373.47	3,979.90	4,213.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,762.75	1,779.46	1,796.17
Year 2 PV (M)	2,029.90	2,068.56	2,107.59
Year 3 PV (M)	2,293.42	2,359.26	2,426.34
Year 4 PV (M)	2,553.36	2,651.55	2,752.55
Year 5 PV (M)	2,809.74	2,945.45	3,086.36
PV of Terminal Value (M)	92,811.15	97,293.96	101,948.34
Equity Value (M)	104,260.32	109,098.24	114,117.35
Shares Outstanding (M)	2,117.52	2,117.52	2,117.52
Fair Value	$49.24	$51.52	$53.89
Upside / Downside	85.03%	93.62%	102.53%

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Shandong Hualu-Hengsheng Chemical Co., Ltd. (600426.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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