DDM Analysis: 603385.SS

Valuation Snapshot

Stable Growth	$0.76 - $1.03	$0.89
Multi-Stage	$2.27 - $2.51	$2.39
Blended Fair Value	$1.64
Current Price	$6.48
Upside	-74.66%
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	-30.17%	-17.76%	0.04	0.14	0.25	0.31	0.24	0.22	0.22	0.26	0.24	0.30
YoY Growth	-	-	-73.36%	-44.10%	-20.22%	27.25%	9.84%	-0.33%	-12.69%	6.02%	-18.66%	13.58%
Dividend Yield	-	-	0.58%	2.25%	3.04%	3.46%	2.09%	2.06%	1.97%	1.88%	1.64%	2.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60.73
(-) Cash Dividends Paid (M)	42.13
(=) Cash Retained (M)	18.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.15	7.59	4.55
Cash Retained (M)	18.60	18.60	18.60
(-) Cash Required (M)	-12.15	-7.59	-4.55
(=) Excess Retained (M)	6.45	11.01	14.04
(/) Shares Outstanding (M)	381.37	381.37	381.37
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-8.66%	-7.66%	-6.66%
Fair Value	$0.76	$0.89	$1.03
Upside / Downside	-88.34%	-86.21%	-84.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.73	56.08	51.78	47.81	44.15	40.77	41.99
Payout Ratio	69.37%	73.50%	77.62%	81.75%	85.87%	90.00%	92.50%
Projected Dividends (M)	42.13	41.21	40.19	39.09	37.92	36.69	38.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-8.66%	-7.66%	-6.66%
Year 1 PV (M)	38.19	38.61	39.03
Year 2 PV (M)	34.52	35.28	36.05
Year 3 PV (M)	31.11	32.14	33.20
Year 4 PV (M)	27.97	29.21	30.50
Year 5 PV (M)	25.08	26.48	27.95
PV of Terminal Value (M)	710.30	750.04	791.54
Equity Value (M)	867.17	911.77	958.27
Shares Outstanding (M)	381.37	381.37	381.37
Fair Value	$2.27	$2.39	$2.51
Upside / Downside	-64.91%	-63.11%	-61.22%

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Huida Sanitary Ware Co., Ltd. (603385.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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