DDM Analysis: 603089.SS

Valuation Snapshot

Stable Growth	$55.42 - $135.50	$126.99
Multi-Stage	$19.63 - $21.49	$20.54
Blended Fair Value	$73.76
Current Price	$15.85
Upside	365.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.61%	-1.52%	0.12	0.18	0.16	0.16	0.29	0.17	0.15	0.14	0.16	0.16
YoY Growth	-	-	-34.75%	11.03%	2.70%	-44.97%	73.47%	13.72%	6.22%	-11.10%	0.00%	12.50%
Dividend Yield	-	-	1.18%	1.82%	1.77%	1.90%	3.24%	1.96%	1.38%	1.22%	0.72%	1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	156.64
(-) Cash Dividends Paid (M)	44.16
(=) Cash Retained (M)	112.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.33	19.58	11.75
Cash Retained (M)	112.48	112.48	112.48
(-) Cash Required (M)	-31.33	-19.58	-11.75
(=) Excess Retained (M)	81.15	92.90	100.73
(/) Shares Outstanding (M)	229.89	229.89	229.89
(=) Excess Retained per Share	0.35	0.40	0.44
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.35	0.40	0.44
(=) Adjusted Dividend	0.55	0.60	0.63
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$55.42	$126.99	$135.50
Upside / Downside	249.65%	701.18%	754.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	156.64	166.82	177.66	189.21	201.51	214.60	221.04
Payout Ratio	28.19%	40.55%	52.92%	65.28%	77.64%	90.00%	92.50%
Projected Dividends (M)	44.16	67.65	94.01	123.51	156.45	193.14	204.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	62.90	63.50	64.10
Year 2 PV (M)	81.28	82.83	84.39
Year 3 PV (M)	99.29	102.14	105.04
Year 4 PV (M)	116.94	121.44	126.06
Year 5 PV (M)	134.24	140.72	147.45
PV of Terminal Value (M)	4,017.00	4,211.02	4,412.47
Equity Value (M)	4,511.65	4,721.65	4,939.52
Shares Outstanding (M)	229.89	229.89	229.89
Fair Value	$19.63	$20.54	$21.49
Upside / Downside	23.82%	29.58%	35.56%

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ADD Industry (Zhejiang) Co. Ltd. (603089.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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