DDM Analysis: 603725.SS

Valuation Snapshot

Stable Growth	$38.56 - $77.63	$72.75
Multi-Stage	$12.02 - $13.15	$12.58
Blended Fair Value	$42.66
Current Price	$9.75
Upside	337.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.82%	18.85%	0.26	0.15	0.18	0.19	0.12	0.10	0.11	0.09	0.08	0.03
YoY Growth	-	-	72.65%	-18.76%	-2.77%	56.27%	20.81%	-12.40%	29.92%	15.92%	117.56%	-23.89%
Dividend Yield	-	-	3.86%	2.03%	3.60%	3.38%	2.03%	2.23%	1.61%	0.92%	1.07%	0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	118.25
(-) Cash Dividends Paid (M)	53.41
(=) Cash Retained (M)	64.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.65	14.78	8.87
Cash Retained (M)	64.84	64.84	64.84
(-) Cash Required (M)	-23.65	-14.78	-8.87
(=) Excess Retained (M)	41.19	50.06	55.97
(/) Shares Outstanding (M)	302.94	302.94	302.94
(=) Excess Retained per Share	0.14	0.17	0.18
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.14	0.17	0.18
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.56	$72.75	$77.63
Upside / Downside	295.46%	646.14%	696.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	118.25	125.93	134.12	142.84	152.12	162.01	166.87
Payout Ratio	45.17%	54.13%	63.10%	72.07%	81.03%	90.00%	92.50%
Projected Dividends (M)	53.41	68.17	84.63	102.94	123.27	145.81	154.35

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)	63.50	64.10	64.70
Year 2 PV (M)	73.42	74.82	76.23
Year 3 PV (M)	83.18	85.57	88.00
Year 4 PV (M)	92.78	96.35	100.02
Year 5 PV (M)	102.22	107.15	112.28
PV of Terminal Value (M)	3,225.78	3,381.59	3,543.36
Equity Value (M)	3,640.87	3,809.57	3,984.58
Shares Outstanding (M)	302.94	302.94	302.94
Fair Value	$12.02	$12.58	$13.15
Upside / Downside	23.27%	28.98%	34.90%

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Guangdong Tianan New Material Co., Ltd. (603725.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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