DDM Analysis: 002057.SZ

Valuation Snapshot

Stable Growth	$20.12 - $62.19	$58.28
Multi-Stage	$8.26 - $9.05	$8.65
Blended Fair Value	$33.47
Current Price	$10.96
Upside	205.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.50%	48.12%	0.24	0.26	0.17	0.12	0.07	0.06	0.06	0.01	0.01	0.00
YoY Growth	-	-	-9.92%	58.97%	43.81%	77.63%	15.92%	-1.88%	575.26%	5.83%	104.14%	-16.25%
Dividend Yield	-	-	2.93%	3.68%	1.62%	1.31%	0.93%	0.82%	1.08%	0.16%	0.12%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	236.77
(-) Cash Dividends Paid (M)	42.30
(=) Cash Retained (M)	194.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.35	29.60	17.76
Cash Retained (M)	194.47	194.47	194.47
(-) Cash Required (M)	-47.35	-29.60	-17.76
(=) Excess Retained (M)	147.11	164.87	176.71
(/) Shares Outstanding (M)	757.13	757.13	757.13
(=) Excess Retained per Share	0.19	0.22	0.23
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.19	0.22	0.23
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.12	$58.28	$62.19
Upside / Downside	83.59%	431.78%	467.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	236.77	252.16	268.55	286.00	304.59	324.39	334.13
Payout Ratio	17.87%	32.29%	46.72%	61.15%	75.57%	90.00%	92.50%
Projected Dividends (M)	42.30	81.43	125.47	174.88	230.19	291.95	309.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	75.52	76.24	76.95
Year 2 PV (M)	107.92	109.97	112.05
Year 3 PV (M)	139.51	143.51	147.59
Year 4 PV (M)	170.30	176.85	183.59
Year 5 PV (M)	200.32	210.00	220.05
PV of Terminal Value (M)	5,563.58	5,832.30	6,111.31
Equity Value (M)	6,257.15	6,548.88	6,851.54
Shares Outstanding (M)	757.13	757.13	757.13
Fair Value	$8.26	$8.65	$9.05
Upside / Downside	-24.60%	-21.08%	-17.43%

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Sinosteel New Materials Co., Ltd. (002057.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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