DDM Analysis: 603276.SS

Valuation Snapshot

Stable Growth	$30.44 - $35.91	$33.63
Multi-Stage	$57.65 - $63.73	$60.63
Blended Fair Value	$47.13
Current Price	$17.44
Upside	170.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-4.77%	0.00%	0.15	0.01	0.02	0.03	0.08	0.19	0.03	0.02	0.00	0.00
YoY Growth	-	-	904.01%	-30.67%	-32.49%	-59.03%	-59.33%	609.24%	12.32%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.89%	0.10%	0.09%	0.13%	0.33%	0.81%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.80
(-) Cash Dividends Paid (M)	25.96
(=) Cash Retained (M)	14.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.16	5.10	3.06
Cash Retained (M)	14.84	14.84	14.84
(-) Cash Required (M)	-8.16	-5.10	-3.06
(=) Excess Retained (M)	6.68	9.74	11.78
(/) Shares Outstanding (M)	210.16	210.16	210.16
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	-21.49%	-21.49%	-21.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$30.44	$33.63	$35.91
Upside / Downside	74.52%	92.83%	105.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.80	40.39	39.98	39.58	39.19	38.80	39.96
Payout Ratio	63.62%	68.90%	74.17%	79.45%	84.72%	90.00%	92.50%
Projected Dividends (M)	25.96	27.83	29.66	31.45	33.20	34.92	36.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-21.49%	-21.49%	-21.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	35.08	35.44	35.80
Year 2 PV (M)	47.14	48.11	49.09
Year 3 PV (M)	63.03	64.98	66.97
Year 4 PV (M)	83.90	87.37	90.96
Year 5 PV (M)	111.24	117.03	123.06
PV of Terminal Value (M)	11,775.88	12,389.08	13,027.56
Equity Value (M)	12,116.27	12,742.02	13,393.43
Shares Outstanding (M)	210.16	210.16	210.16
Fair Value	$57.65	$60.63	$63.73
Upside / Downside	230.57%	247.64%	265.42%

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Jiangsu Hengxing New Material (603276.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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