DDM Analysis: 000159.SZ

Valuation Snapshot

Stable Growth	$0.62 - $0.95	$0.77
Multi-Stage	$1.36 - $1.49	$1.42
Blended Fair Value	$1.10
Current Price	$5.68
Upside	-80.67%
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	-1.42%	-5.01%	0.07	0.04	0.06	0.08	0.08	0.08	0.05	0.11	0.10	0.12
YoY Growth	-	-	71.48%	-27.96%	-24.12%	-0.78%	0.09%	72.75%	-59.85%	8.92%	-10.50%	-4.93%
Dividend Yield	-	-	1.38%	0.74%	0.78%	1.30%	1.33%	1.57%	0.44%	2.48%	1.05%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33.40
(-) Cash Dividends Paid (M)	24.77
(=) Cash Retained (M)	8.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.68	4.18	2.51
Cash Retained (M)	8.64	8.64	8.64
(-) Cash Required (M)	-6.68	-4.18	-2.51
(=) Excess Retained (M)	1.96	4.46	6.13
(/) Shares Outstanding (M)	480.93	480.93	480.93
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.06	0.06	0.06
WACC / Discount Rate	6.80%	6.80%	6.80%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.62	$0.77	$0.95
Upside / Downside	-89.10%	-86.42%	-83.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33.40	33.07	32.74	32.41	32.09	31.77	32.72
Payout Ratio	74.14%	77.31%	80.49%	83.66%	86.83%	90.00%	92.50%
Projected Dividends (M)	24.77	25.57	26.35	27.11	27.86	28.59	30.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.80%	6.80%	6.80%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	23.70	23.94	24.18
Year 2 PV (M)	22.64	23.10	23.57
Year 3 PV (M)	21.59	22.26	22.94
Year 4 PV (M)	20.56	21.42	22.29
Year 5 PV (M)	19.56	20.58	21.64
PV of Terminal Value (M)	545.13	573.52	603.07
Equity Value (M)	653.18	684.81	717.70
Shares Outstanding (M)	480.93	480.93	480.93
Fair Value	$1.36	$1.42	$1.49
Upside / Downside	-76.09%	-74.93%	-73.73%

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Xinjiang International Industry Co.,Ltd (000159.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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