DDM Analysis: 002324.SZ

Valuation Snapshot

Stable Growth	$23.18 - $46.69	$43.75
Multi-Stage	$7.32 - $8.00	$7.65
Blended Fair Value	$25.70
Current Price	$14.72
Upside	74.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.36%	10.18%	0.17	0.14	0.23	0.07	0.08	0.12	0.07	0.06	0.05	0.04
YoY Growth	-	-	28.51%	-41.24%	208.32%	-10.50%	-28.32%	60.42%	15.10%	32.03%	10.73%	-34.59%
Dividend Yield	-	-	1.81%	1.30%	1.59%	0.61%	0.57%	1.59%	1.89%	1.36%	0.81%	0.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	257.06
(-) Cash Dividends Paid (M)	164.92
(=) Cash Retained (M)	92.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.41	32.13	19.28
Cash Retained (M)	92.14	92.14	92.14
(-) Cash Required (M)	-51.41	-32.13	-19.28
(=) Excess Retained (M)	40.73	60.01	72.87
(/) Shares Outstanding (M)	1,095.02	1,095.02	1,095.02
(=) Excess Retained per Share	0.04	0.05	0.07
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.04	0.05	0.07
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.18	$43.75	$46.69
Upside / Downside	57.47%	197.23%	217.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	257.06	273.77	291.56	310.52	330.70	352.19	362.76
Payout Ratio	64.15%	69.32%	74.49%	79.66%	84.83%	90.00%	92.50%
Projected Dividends (M)	164.92	189.79	217.19	247.36	280.54	316.98	335.55

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)	176.77	178.45	180.12
Year 2 PV (M)	188.43	192.01	195.64
Year 3 PV (M)	199.88	205.62	211.47
Year 4 PV (M)	211.14	219.26	227.61
Year 5 PV (M)	222.21	232.94	244.08
PV of Terminal Value (M)	7,011.72	7,350.38	7,702.01
Equity Value (M)	8,010.14	8,378.66	8,760.93
Shares Outstanding (M)	1,095.02	1,095.02	1,095.02
Fair Value	$7.32	$7.65	$8.00
Upside / Downside	-50.31%	-48.02%	-45.65%

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Shanghai Pret Composites Co., Ltd. (002324.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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