DDM Analysis: 603183.SS

Valuation Snapshot

Stable Growth	$14.54 - $17.13	$16.05
Multi-Stage	$11.06 - $12.13	$11.59
Blended Fair Value	$13.82
Current Price	$4.34
Upside	218.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.26%	62.54%	0.05	0.04	0.06	0.06	0.05	0.03	0.04	0.02	0.00	0.03
YoY Growth	-	-	12.65%	-25.22%	5.77%	7.90%	85.43%	-33.66%	100.00%	66,892.56%	-99.89%	7,335.33%
Dividend Yield	-	-	1.23%	1.17%	1.30%	0.97%	1.06%	0.72%	0.75%	0.25%	0.00%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.44
(-) Cash Dividends Paid (M)	14.25
(=) Cash Retained (M)	26.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.09	5.05	3.03
Cash Retained (M)	26.19	26.19	26.19
(-) Cash Required (M)	-8.09	-5.05	-3.03
(=) Excess Retained (M)	18.10	21.13	23.15
(/) Shares Outstanding (M)	469.58	469.58	469.58
(=) Excess Retained per Share	0.04	0.04	0.05
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.04	0.04	0.05
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	0.03%	0.03%	0.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.54	$16.05	$17.13
Upside / Downside	234.94%	269.81%	294.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.44	43.07	45.87	48.85	52.02	55.40	57.07
Payout Ratio	35.25%	46.20%	57.15%	68.10%	79.05%	90.00%	92.50%
Projected Dividends (M)	14.25	19.90	26.21	33.26	41.12	49.86	52.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.03%	0.03%	0.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	19.70	19.89	20.08
Year 2 PV (M)	25.70	26.19	26.69
Year 3 PV (M)	32.30	33.23	34.18
Year 4 PV (M)	39.55	41.07	42.63
Year 5 PV (M)	47.49	49.78	52.17
PV of Terminal Value (M)	5,027.32	5,270.14	5,522.26
Equity Value (M)	5,192.07	5,440.31	5,698.00
Shares Outstanding (M)	469.58	469.58	469.58
Fair Value	$11.06	$11.59	$12.13
Upside / Downside	154.76%	166.95%	179.59%

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Suzhou Institute of Building Science Group Co.,Ltd (603183.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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