DDM Analysis: 601890.SS

Valuation Snapshot

Stable Growth	$4.32 - $7.75	$5.76
Multi-Stage	$7.31 - $8.03	$7.66
Blended Fair Value	$6.71
Current Price	$10.15
Upside	-33.88%
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	0.00%	0.00%	0.12	0.06	0.05	0.04	0.03	0.00	0.03	0.03	0.07	0.04
YoY Growth	-	-	90.23%	26.16%	22.56%	37.49%	0.00%	-100.00%	-3.07%	-56.12%	92.82%	0.00%
Dividend Yield	-	-	1.26%	0.76%	0.54%	0.56%	0.57%	0.00%	0.40%	0.50%	0.69%	0.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	300.06
(-) Cash Dividends Paid (M)	107.99
(=) Cash Retained (M)	192.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.01	37.51	22.50
Cash Retained (M)	192.07	192.07	192.07
(-) Cash Required (M)	-60.01	-37.51	-22.50
(=) Excess Retained (M)	132.06	154.56	169.56
(/) Shares Outstanding (M)	959.48	959.48	959.48
(=) Excess Retained per Share	0.14	0.16	0.18
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.14	0.16	0.18
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	0.67%	1.67%	2.67%
Fair Value	$4.32	$5.76	$7.75
Upside / Downside	-57.45%	-43.28%	-23.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	300.06	305.07	310.16	315.34	320.61	325.96	335.74
Payout Ratio	35.99%	46.79%	57.59%	68.40%	79.20%	90.00%	92.50%
Projected Dividends (M)	107.99	142.75	178.63	215.68	253.91	293.36	310.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	0.67%	1.67%	2.67%
Year 1 PV (M)	132.71	134.03	135.35
Year 2 PV (M)	154.41	157.49	160.60
Year 3 PV (M)	173.32	178.54	183.86
Year 4 PV (M)	189.71	197.36	205.24
Year 5 PV (M)	203.78	214.10	224.84
PV of Terminal Value (M)	6,160.09	6,472.18	6,796.80
Equity Value (M)	7,014.02	7,353.71	7,706.69
Shares Outstanding (M)	959.48	959.48	959.48
Fair Value	$7.31	$7.66	$8.03
Upside / Downside	-27.98%	-24.49%	-20.87%

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Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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