DDM Analysis: 002821.SZ

Valuation Snapshot

Stable Growth	$69.61 - $189.61	$107.31
Multi-Stage	$47.29 - $51.67	$49.44
Blended Fair Value	$78.37
Current Price	$113.70
Upside	-31.07%
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	47.32%	46.00%	1.80	1.86	0.61	0.41	0.32	0.26	0.23	0.17	0.10	0.06
YoY Growth	-	-	-3.40%	203.69%	50.32%	25.88%	24.98%	14.89%	36.16%	67.08%	56.68%	54.92%
Dividend Yield	-	-	2.28%	2.14%	0.46%	0.16%	0.16%	0.21%	0.34%	0.30%	0.21%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,038.87
(-) Cash Dividends Paid (M)	250.83
(=) Cash Retained (M)	788.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	207.77	129.86	77.92
Cash Retained (M)	788.04	788.04	788.04
(-) Cash Required (M)	-207.77	-129.86	-77.92
(=) Excess Retained (M)	580.26	658.18	710.12
(/) Shares Outstanding (M)	357.38	357.38	357.38
(=) Excess Retained per Share	1.62	1.84	1.99
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	1.62	1.84	1.99
(=) Adjusted Dividend	2.33	2.54	2.69
WACC / Discount Rate	9.02%	9.02%	9.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$69.61	$107.31	$189.61
Upside / Downside	-38.78%	-5.62%	66.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,038.87	1,106.40	1,178.31	1,254.90	1,336.47	1,423.34	1,466.04
Payout Ratio	24.14%	37.32%	50.49%	63.66%	76.83%	90.00%	92.50%
Projected Dividends (M)	250.83	412.86	594.89	798.85	1,026.80	1,281.01	1,356.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.02%	9.02%	9.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	375.13	378.69	382.24
Year 2 PV (M)	491.13	500.49	509.93
Year 3 PV (M)	599.24	616.44	633.97
Year 4 PV (M)	699.84	726.76	754.44
Year 5 PV (M)	793.32	831.63	871.42
PV of Terminal Value (M)	13,940.04	14,613.35	15,312.43
Equity Value (M)	16,898.70	17,667.35	18,464.42
Shares Outstanding (M)	357.38	357.38	357.38
Fair Value	$47.29	$49.44	$51.67
Upside / Downside	-58.41%	-56.52%	-54.56%

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Asymchem Laboratories (Tianjin) Co., Ltd. (002821.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener