DDM Analysis: 000698.SZ

Valuation Snapshot

Stable Growth	$0.62 - $0.84	$0.73
Multi-Stage	$1.97 - $2.19	$2.08
Blended Fair Value	$1.40
Current Price	$3.99
Upside	-64.79%
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	1.95%	-11.81%	0.07	0.10	0.15	0.09	0.00	0.07	0.18	0.25	0.22	0.26
YoY Growth	-	-	-24.39%	-36.13%	66.71%	0.00%	-100.00%	-62.77%	-30.58%	14.91%	-14.37%	1.65%
Dividend Yield	-	-	2.13%	2.53%	3.31%	1.82%	0.00%	1.82%	3.82%	4.56%	2.80%	3.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	107.88
(-) Cash Dividends Paid (M)	33.68
(=) Cash Retained (M)	74.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.58	13.49	8.09
Cash Retained (M)	74.20	74.20	74.20
(-) Cash Required (M)	-21.58	-13.49	-8.09
(=) Excess Retained (M)	52.63	60.72	66.11
(/) Shares Outstanding (M)	816.74	816.74	816.74
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.11	0.12	0.12
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-9.14%	-8.14%	-7.14%
Fair Value	$0.62	$0.73	$0.84
Upside / Downside	-84.47%	-81.65%	-78.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	107.88	99.09	91.02	83.61	76.80	70.55	72.66
Payout Ratio	31.22%	42.97%	54.73%	66.49%	78.24%	90.00%	92.50%
Projected Dividends (M)	33.68	42.58	49.82	55.59	60.09	63.49	67.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-9.14%	-8.14%	-7.14%
Year 1 PV (M)	39.60	40.04	40.48
Year 2 PV (M)	43.09	44.04	45.01
Year 3 PV (M)	44.72	46.21	47.74
Year 4 PV (M)	44.96	46.97	49.05
Year 5 PV (M)	44.18	46.66	49.26
PV of Terminal Value (M)	1,394.19	1,472.62	1,554.55
Equity Value (M)	1,610.74	1,696.55	1,786.07
Shares Outstanding (M)	816.74	816.74	816.74
Fair Value	$1.97	$2.08	$2.19
Upside / Downside	-50.57%	-47.94%	-45.19%

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Shenyang Chemical Industry Co., Ltd. (000698.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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