DDM Analysis: 600114.SS

Valuation Snapshot

Stable Growth	$70.58 - $172.53	$161.68
Multi-Stage	$25.27 - $27.65	$26.44
Blended Fair Value	$94.06
Current Price	$33.04
Upside	184.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.44%	13.91%	0.34	0.27	0.23	0.28	0.31	0.41	0.42	0.14	0.15	0.10
YoY Growth	-	-	25.14%	20.52%	-19.94%	-7.84%	-24.58%	-1.66%	204.05%	-11.25%	50.84%	9.52%
Dividend Yield	-	-	1.67%	1.82%	2.46%	3.39%	4.17%	4.83%	4.97%	1.22%	1.27%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	535.62
(-) Cash Dividends Paid (M)	240.20
(=) Cash Retained (M)	295.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	107.12	66.95	40.17
Cash Retained (M)	295.42	295.42	295.42
(-) Cash Required (M)	-107.12	-66.95	-40.17
(=) Excess Retained (M)	188.29	228.46	255.25
(/) Shares Outstanding (M)	617.42	617.42	617.42
(=) Excess Retained per Share	0.30	0.37	0.41
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.30	0.37	0.41
(=) Adjusted Dividend	0.69	0.76	0.80
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70.58	$161.68	$172.53
Upside / Downside	113.62%	389.35%	422.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	535.62	570.43	607.51	647.00	689.06	733.85	755.86
Payout Ratio	44.85%	53.88%	62.91%	71.94%	80.97%	90.00%	92.50%
Projected Dividends (M)	240.20	307.33	382.17	465.44	557.92	660.46	699.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	285.76	288.47	291.18
Year 2 PV (M)	330.41	336.71	343.06
Year 3 PV (M)	374.17	384.91	395.85
Year 4 PV (M)	417.04	433.08	449.57
Year 5 PV (M)	459.04	481.21	504.23
PV of Terminal Value (M)	13,737.46	14,400.98	15,089.90
Equity Value (M)	15,603.89	16,325.36	17,073.81
Shares Outstanding (M)	617.42	617.42	617.42
Fair Value	$25.27	$26.44	$27.65
Upside / Downside	-23.51%	-19.97%	-16.30%

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NBTM New Materials Group Co., Ltd. (600114.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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