DDM Analysis: 603683.SS

Valuation Snapshot

Stable Growth	$40.44 - $47.64	$44.65
Multi-Stage	$9.43 - $10.33	$9.87
Blended Fair Value	$27.26
Current Price	$33.20
Upside	-17.90%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.60%	11.79%	0.10	0.07	0.04	0.02	0.06	0.02	0.02	0.04	0.01	0.02
YoY Growth	-	-	34.91%	102.33%	51.31%	-56.49%	136.80%	0.00%	-38.91%	240.38%	-43.35%	-39.20%
Dividend Yield	-	-	0.91%	0.78%	0.39%	0.29%	0.56%	0.37%	0.25%	0.29%	0.14%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.12
(-) Cash Dividends Paid (M)	30.13
(=) Cash Retained (M)	33.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.82	8.01	4.81
Cash Retained (M)	33.99	33.99	33.99
(-) Cash Required (M)	-12.82	-8.01	-4.81
(=) Excess Retained (M)	21.17	25.98	29.18
(/) Shares Outstanding (M)	267.64	267.64	267.64
(=) Excess Retained per Share	0.08	0.10	0.11
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.08	0.10	0.11
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	5.65%	5.65%	5.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$40.44	$44.65	$47.64
Upside / Downside	21.80%	34.48%	43.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.12	68.28	72.72	77.45	82.48	87.84	90.48
Payout Ratio	46.99%	55.59%	64.19%	72.79%	81.40%	90.00%	92.50%
Projected Dividends (M)	30.13	37.96	46.68	56.38	67.14	79.06	83.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.65%	5.65%	5.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	35.59	35.93	36.27
Year 2 PV (M)	41.04	41.82	42.61
Year 3 PV (M)	46.48	47.81	49.17
Year 4 PV (M)	51.90	53.89	55.95
Year 5 PV (M)	57.30	60.07	62.94
PV of Terminal Value (M)	2,291.14	2,401.80	2,516.70
Equity Value (M)	2,523.45	2,641.33	2,763.64
Shares Outstanding (M)	267.64	267.64	267.64
Fair Value	$9.43	$9.87	$10.33
Upside / Downside	-71.60%	-70.27%	-68.90%

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Shanghai Smith Adhesive New Material Co., Ltd (603683.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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