DDM Analysis: 001231.SZ

Valuation Snapshot

Stable Growth	$6.06 - $9.24	$7.55
Multi-Stage	$7.29 - $8.00	$7.64
Blended Fair Value	$7.59
Current Price	$20.84
Upside	-63.56%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	18.42%	0.00%	0.17	0.20	0.02	0.16	0.09	0.07	0.04	0.00	0.00	0.00
YoY Growth	-	-	-19.34%	1,057.18%	-89.06%	74.20%	30.94%	70.43%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.98%	1.21%	0.08%	0.63%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.60
(-) Cash Dividends Paid (M)	2.37
(=) Cash Retained (M)	62.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.92	8.07	4.84
Cash Retained (M)	62.22	62.22	62.22
(-) Cash Required (M)	-12.92	-8.07	-4.84
(=) Excess Retained (M)	49.30	54.15	57.38
(/) Shares Outstanding (M)	97.60	97.60	97.60
(=) Excess Retained per Share	0.51	0.55	0.59
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.51	0.55	0.59
(=) Adjusted Dividend	0.53	0.58	0.61
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	1.16%	2.16%	3.16%
Fair Value	$6.06	$7.55	$9.24
Upside / Downside	-70.91%	-63.77%	-55.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.60	65.99	67.42	68.88	70.36	71.89	74.04
Payout Ratio	3.67%	20.94%	38.20%	55.47%	72.73%	90.00%	92.50%
Projected Dividends (M)	2.37	13.82	25.76	38.21	51.18	64.70	68.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	1.16%	2.16%	3.16%
Year 1 PV (M)	12.44	12.56	12.69
Year 2 PV (M)	20.87	21.29	21.71
Year 3 PV (M)	27.87	28.71	29.56
Year 4 PV (M)	33.61	34.96	36.35
Year 5 PV (M)	38.25	40.18	42.18
PV of Terminal Value (M)	578.73	607.91	638.25
Equity Value (M)	711.78	745.60	780.73
Shares Outstanding (M)	97.60	97.60	97.60
Fair Value	$7.29	$7.64	$8.00
Upside / Downside	-65.01%	-63.34%	-61.62%

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Norsyn Crop Technology Co., Ltd. (001231.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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