DDM Analysis: 002125.SZ

Valuation Snapshot

Stable Growth	$36.73 - $73.95	$69.30
Multi-Stage	$11.50 - $12.59	$12.03
Blended Fair Value	$40.67
Current Price	$15.20
Upside	167.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.98%	18.42%	0.23	0.21	0.16	0.13	0.12	0.14	0.11	0.04	0.04	0.04
YoY Growth	-	-	11.36%	32.89%	23.54%	5.91%	-13.06%	28.82%	149.53%	20.92%	-12.06%	-5.77%
Dividend Yield	-	-	2.18%	2.22%	1.18%	0.90%	1.60%	1.99%	1.59%	0.73%	0.47%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	228.18
(-) Cash Dividends Paid (M)	119.73
(=) Cash Retained (M)	108.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.64	28.52	17.11
Cash Retained (M)	108.45	108.45	108.45
(-) Cash Required (M)	-45.64	-28.52	-17.11
(=) Excess Retained (M)	62.81	79.93	91.34
(/) Shares Outstanding (M)	613.63	613.63	613.63
(=) Excess Retained per Share	0.10	0.13	0.15
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.10	0.13	0.15
(=) Adjusted Dividend	0.30	0.33	0.34
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.73	$69.30	$73.95
Upside / Downside	141.65%	355.95%	386.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	228.18	243.01	258.81	275.63	293.55	312.63	322.01
Payout Ratio	52.47%	59.98%	67.48%	74.99%	82.49%	90.00%	92.50%
Projected Dividends (M)	119.73	145.75	174.65	206.69	242.16	281.36	297.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	135.76	137.04	138.33
Year 2 PV (M)	151.52	154.41	157.32
Year 3 PV (M)	167.02	171.81	176.70
Year 4 PV (M)	182.26	189.27	196.48
Year 5 PV (M)	197.24	206.77	216.66
PV of Terminal Value (M)	6,224.70	6,525.36	6,837.52
Equity Value (M)	7,058.50	7,384.66	7,723.01
Shares Outstanding (M)	613.63	613.63	613.63
Fair Value	$11.50	$12.03	$12.59
Upside / Downside	-24.32%	-20.83%	-17.20%

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Xiangtan Electrochemical Scientific Co.,Ltd (002125.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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