DDM Analysis: 002361.SZ

Valuation Snapshot

Stable Growth	$0.63 - $1.30	$0.89
Multi-Stage	$1.15 - $1.26	$1.21
Blended Fair Value	$1.05
Current Price	$6.13
Upside	-82.91%
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	1.69%	10.47%	0.15	0.14	0.14	0.13	0.12	0.13	0.07	0.06	0.06	0.02
YoY Growth	-	-	5.59%	-3.52%	8.18%	8.63%	-9.16%	81.54%	21.50%	5.31%	191.16%	-63.20%
Dividend Yield	-	-	2.20%	3.74%	3.43%	2.92%	2.65%	3.30%	1.55%	1.19%	0.66%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34.76
(-) Cash Dividends Paid (M)	27.98
(=) Cash Retained (M)	6.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.95	4.35	2.61
Cash Retained (M)	6.78	6.78	6.78
(-) Cash Required (M)	-6.95	-4.35	-2.61
(=) Excess Retained (M)	-0.17	2.43	4.17
(/) Shares Outstanding (M)	949.95	949.95	949.95
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	5.74%	5.74%	5.74%
Growth Rate	1.07%	2.07%	3.07%
Fair Value	$0.63	$0.89	$1.30
Upside / Downside	-89.68%	-85.50%	-78.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34.76	35.48	36.22	36.96	37.73	38.51	39.66
Payout Ratio	80.50%	82.40%	84.30%	86.20%	88.10%	90.00%	92.50%
Projected Dividends (M)	27.98	29.24	30.53	31.86	33.24	34.66	36.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.74%	5.74%	5.74%
Growth Rate	1.07%	2.07%	3.07%
Year 1 PV (M)	27.38	27.65	27.92
Year 2 PV (M)	26.77	27.30	27.84
Year 3 PV (M)	26.16	26.95	27.75
Year 4 PV (M)	25.56	26.58	27.64
Year 5 PV (M)	24.95	26.21	27.52
PV of Terminal Value (M)	962.41	1,010.98	1,061.48
Equity Value (M)	1,093.23	1,145.67	1,200.15
Shares Outstanding (M)	949.95	949.95	949.95
Fair Value	$1.15	$1.21	$1.26
Upside / Downside	-81.23%	-80.33%	-79.39%

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Anhui Shenjian New Materials Co.,Ltd (002361.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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