DDM Analysis: 603067.SS

Valuation Snapshot

Stable Growth	$96.46 - $194.18	$181.98
Multi-Stage	$29.79 - $32.62	$31.18
Blended Fair Value	$106.58
Current Price	$18.57
Upside	473.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.66%	0.00%	0.23	0.26	0.23	0.15	0.09	0.07	0.06	0.05	0.02	0.00
YoY Growth	-	-	-11.96%	10.86%	54.22%	72.49%	25.59%	21.74%	26.61%	136.29%	0.00%	0.00%
Dividend Yield	-	-	1.81%	4.01%	2.49%	1.83%	1.53%	1.89%	1.05%	0.86%	0.20%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	518.57
(-) Cash Dividends Paid (M)	161.22
(=) Cash Retained (M)	357.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	103.71	64.82	38.89
Cash Retained (M)	357.35	357.35	357.35
(-) Cash Required (M)	-103.71	-64.82	-38.89
(=) Excess Retained (M)	253.64	292.53	318.46
(/) Shares Outstanding (M)	531.11	531.11	531.11
(=) Excess Retained per Share	0.48	0.55	0.60
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.48	0.55	0.60
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$96.46	$181.98	$194.18
Upside / Downside	419.46%	879.94%	945.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	518.57	552.27	588.17	626.40	667.12	710.48	731.80
Payout Ratio	31.09%	42.87%	54.65%	66.44%	78.22%	90.00%	92.50%
Projected Dividends (M)	161.22	236.77	321.46	416.15	521.81	639.43	676.91

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)	220.53	222.62	224.71
Year 2 PV (M)	278.88	284.19	289.55
Year 3 PV (M)	336.28	345.93	355.77
Year 4 PV (M)	392.74	407.84	423.37
Year 5 PV (M)	448.27	469.92	492.40
PV of Terminal Value (M)	14,147.25	14,830.57	15,540.04
Equity Value (M)	15,823.94	16,561.07	17,325.84
Shares Outstanding (M)	531.11	531.11	531.11
Fair Value	$29.79	$31.18	$32.62
Upside / Downside	60.44%	67.92%	75.67%

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Hubei Zhenhua Chemical Co.,Ltd. (603067.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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