DDM Analysis: 603239.SS

Valuation Snapshot

Stable Growth	$121.88 - $143.59	$134.57
Multi-Stage	$102.37 - $112.36	$107.27
Blended Fair Value	$120.92
Current Price	$20.57
Upside	487.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.30%	11.90%	0.32	0.32	0.50	0.35	0.50	0.30	0.50	0.20	0.17	0.14
YoY Growth	-	-	0.00%	-36.03%	42.85%	-29.96%	66.67%	-40.00%	149.02%	16.15%	27.68%	30.27%
Dividend Yield	-	-	2.36%	2.14%	3.20%	2.73%	2.99%	2.47%	3.95%	1.20%	0.53%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	194.20
(-) Cash Dividends Paid (M)	56.85
(=) Cash Retained (M)	137.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.84	24.28	14.57
Cash Retained (M)	137.35	137.35	137.35
(-) Cash Required (M)	-38.84	-24.28	-14.57
(=) Excess Retained (M)	98.51	113.08	122.79
(/) Shares Outstanding (M)	268.97	268.97	268.97
(=) Excess Retained per Share	0.37	0.42	0.46
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.37	0.42	0.46
(=) Adjusted Dividend	0.58	0.63	0.67
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$121.88	$134.57	$143.59
Upside / Downside	492.51%	554.20%	598.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	194.20	206.83	220.27	234.59	249.84	266.08	274.06
Payout Ratio	29.27%	41.42%	53.56%	65.71%	77.85%	90.00%	92.50%
Projected Dividends (M)	56.85	85.67	117.99	154.15	194.51	239.47	253.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	86.57	87.39	88.21
Year 2 PV (M)	120.48	122.78	125.10
Year 3 PV (M)	159.07	163.63	168.29
Year 4 PV (M)	202.83	210.63	218.66
Year 5 PV (M)	252.34	264.53	277.19
PV of Terminal Value (M)	26,713.32	28,003.58	29,343.23
Equity Value (M)	27,534.61	28,852.55	30,220.66
Shares Outstanding (M)	268.97	268.97	268.97
Fair Value	$102.37	$107.27	$112.36
Upside / Downside	397.67%	421.49%	446.22%

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Zhejiang Xiantong Rubber&Plastic Co.,Ltd (603239.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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