DDM Analysis: 603041.SS

Valuation Snapshot

Stable Growth	$17.48 - $35.31	$33.09
Multi-Stage	$5.57 - $6.09	$5.83
Blended Fair Value	$19.46
Current Price	$12.30
Upside	58.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.27%	0.88%	0.21	0.14	0.11	0.19	0.13	0.08	0.09	0.12	0.12	0.09
YoY Growth	-	-	45.20%	25.90%	-40.27%	48.79%	68.21%	-16.53%	-25.64%	3.79%	31.26%	-52.79%
Dividend Yield	-	-	1.82%	1.26%	0.97%	1.61%	0.94%	0.63%	0.75%	0.84%	0.80%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.66
(-) Cash Dividends Paid (M)	22.31
(=) Cash Retained (M)	9.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.33	3.96	2.37
Cash Retained (M)	9.36	9.36	9.36
(-) Cash Required (M)	-6.33	-3.96	-2.37
(=) Excess Retained (M)	3.02	5.40	6.98
(/) Shares Outstanding (M)	178.31	178.31	178.31
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.14	0.16	0.16
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.49%	6.49%	7.49%
Fair Value	$17.48	$33.09	$35.31
Upside / Downside	42.08%	169.04%	187.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.66	33.72	35.91	38.23	40.71	43.36	44.66
Payout Ratio	70.45%	74.36%	78.27%	82.18%	86.09%	90.00%	92.50%
Projected Dividends (M)	22.31	25.07	28.10	31.42	35.05	39.02	41.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.49%	6.49%	7.49%
Year 1 PV (M)	23.36	23.58	23.80
Year 2 PV (M)	24.39	24.85	25.32
Year 3 PV (M)	25.40	26.13	26.87
Year 4 PV (M)	26.39	27.41	28.45
Year 5 PV (M)	27.37	28.69	30.06
PV of Terminal Value (M)	866.37	908.22	951.67
Equity Value (M)	993.27	1,038.87	1,086.17
Shares Outstanding (M)	178.31	178.31	178.31
Fair Value	$5.57	$5.83	$6.09
Upside / Downside	-54.71%	-52.63%	-50.48%

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Jiangsu Maysta Chemical Co., Ltd. (603041.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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