DDM Analysis: 603599.SS

Valuation Snapshot

Stable Growth	$95.55 - $158.40	$148.44
Multi-Stage	$25.56 - $27.99	$26.75
Blended Fair Value	$87.60
Current Price	$11.91
Upside	635.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	47.08%	0.00%	0.62	0.71	0.72	0.22	0.00	0.09	0.07	0.04	0.03	0.00
YoY Growth	-	-	-13.90%	-1.42%	230.13%	29,669.26%	-99.17%	28.63%	91.55%	40.36%	0.00%	0.00%
Dividend Yield	-	-	5.26%	5.01%	3.08%	1.35%	0.00%	1.12%	0.82%	0.46%	0.30%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	724.99
(-) Cash Dividends Paid (M)	253.91
(=) Cash Retained (M)	471.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	145.00	90.62	54.37
Cash Retained (M)	471.08	471.08	471.08
(-) Cash Required (M)	-145.00	-90.62	-54.37
(=) Excess Retained (M)	326.08	380.46	416.71
(/) Shares Outstanding (M)	910.27	910.27	910.27
(=) Excess Retained per Share	0.36	0.42	0.46
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.36	0.42	0.46
(=) Adjusted Dividend	0.64	0.70	0.74
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$95.55	$148.44	$158.40
Upside / Downside	702.29%	1,146.34%	1,229.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	724.99	772.11	822.30	875.75	932.67	993.30	1,023.10
Payout Ratio	35.02%	46.02%	57.01%	68.01%	79.00%	90.00%	92.50%
Projected Dividends (M)	253.91	355.31	468.82	595.59	736.86	893.97	946.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	331.42	334.56	337.70
Year 2 PV (M)	407.88	415.65	423.50
Year 3 PV (M)	483.32	497.20	511.34
Year 4 PV (M)	557.75	579.20	601.26
Year 5 PV (M)	631.16	661.65	693.30
PV of Terminal Value (M)	20,857.13	21,864.54	22,910.51
Equity Value (M)	23,268.67	24,352.80	25,477.60
Shares Outstanding (M)	910.27	910.27	910.27
Fair Value	$25.56	$26.75	$27.99
Upside / Downside	114.63%	124.63%	135.00%

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Anhui Guangxin Agrochemical Co., Ltd. (603599.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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