DDM Analysis: 603499.SS

Valuation Snapshot

Stable Growth	$25.42 - $107.39	$63.47
Multi-Stage	$12.81 - $14.01	$13.40
Blended Fair Value	$38.43
Current Price	$17.60
Upside	118.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.99%	-3.98%	0.07	0.06	0.02	0.01	0.05	0.09	0.08	0.00	0.00	0.20
YoY Growth	-	-	16.82%	152.20%	98.61%	-75.32%	-43.52%	1.22%	18,772.19%	-68.67%	-99.29%	92.90%
Dividend Yield	-	-	0.43%	0.36%	0.34%	0.21%	0.87%	1.08%	0.75%	0.00%	0.03%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	127.84
(-) Cash Dividends Paid (M)	51.74
(=) Cash Retained (M)	76.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.57	15.98	9.59
Cash Retained (M)	76.10	76.10	76.10
(-) Cash Required (M)	-25.57	-15.98	-9.59
(=) Excess Retained (M)	50.53	60.12	66.51
(/) Shares Outstanding (M)	236.75	236.75	236.75
(=) Excess Retained per Share	0.21	0.25	0.28
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.21	0.25	0.28
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	7.29%	7.29%	7.29%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.42	$63.47	$107.39
Upside / Downside	44.43%	260.61%	510.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	127.84	136.15	145.00	154.43	164.46	175.16	180.41
Payout Ratio	40.47%	50.38%	60.28%	70.19%	80.09%	90.00%	92.50%
Projected Dividends (M)	51.74	68.59	87.41	108.39	131.73	157.64	166.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.29%	7.29%	7.29%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	63.33	63.93	64.53
Year 2 PV (M)	74.51	75.93	77.37
Year 3 PV (M)	85.31	87.76	90.25
Year 4 PV (M)	95.72	99.40	103.19
Year 5 PV (M)	105.76	110.87	116.17
PV of Terminal Value (M)	2,608.06	2,734.03	2,864.82
Equity Value (M)	3,032.69	3,171.91	3,316.32
Shares Outstanding (M)	236.75	236.75	236.75
Fair Value	$12.81	$13.40	$14.01
Upside / Downside	-27.22%	-23.88%	-20.41%

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Shanghai Sunglow Packaging Technology Co.,Ltd (603499.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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