DDM Analysis: 603916.SS

Valuation Snapshot

Stable Growth	$2.43 - $3.72	$3.03
Multi-Stage	$5.90 - $6.49	$6.19
Blended Fair Value	$4.61
Current Price	$10.42
Upside	-55.78%
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	-0.40%	-2.70%	0.27	0.39	0.48	0.41	0.31	0.28	0.22	0.11	0.25	0.22
YoY Growth	-	-	-30.63%	-17.75%	16.13%	32.32%	11.82%	25.84%	102.90%	-57.24%	15.89%	-38.71%
Dividend Yield	-	-	3.58%	4.54%	2.92%	1.92%	1.36%	1.68%	1.79%	0.84%	2.34%	2.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	111.39
(-) Cash Dividends Paid (M)	69.57
(=) Cash Retained (M)	41.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.28	13.92	8.35
Cash Retained (M)	41.82	41.82	41.82
(-) Cash Required (M)	-22.28	-13.92	-8.35
(=) Excess Retained (M)	19.54	27.90	33.47
(/) Shares Outstanding (M)	411.40	411.40	411.40
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.40%	-1.40%	-0.40%
Fair Value	$2.43	$3.03	$3.72
Upside / Downside	-76.71%	-70.93%	-64.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	111.39	109.84	108.31	106.79	105.30	103.83	106.95
Payout Ratio	62.46%	67.96%	73.47%	78.98%	84.49%	90.00%	92.50%
Projected Dividends (M)	69.57	74.65	79.58	84.35	88.97	93.45	98.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.40%	-1.40%	-0.40%
Year 1 PV (M)	69.50	70.22	70.93
Year 2 PV (M)	68.98	70.40	71.84
Year 3 PV (M)	68.08	70.19	72.35
Year 4 PV (M)	66.86	69.64	72.51
Year 5 PV (M)	65.38	68.80	72.36
PV of Terminal Value (M)	2,087.03	2,196.16	2,309.81
Equity Value (M)	2,425.83	2,545.41	2,669.78
Shares Outstanding (M)	411.40	411.40	411.40
Fair Value	$5.90	$6.19	$6.49
Upside / Downside	-43.41%	-40.62%	-37.72%

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Sobute New Materials Co., Ltd (603916.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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