DDM Analysis: 603992.SS

Valuation Snapshot

Stable Growth	$10.82 - $21.08	$14.89
Multi-Stage	$8.42 - $9.18	$8.79
Blended Fair Value	$11.84
Current Price	$31.14
Upside	-61.97%
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	24.46%	0.00%	0.44	0.45	0.12	0.19	0.16	0.15	0.08	1.17	0.01	0.01
YoY Growth	-	-	-2.75%	290.32%	-38.76%	17.94%	8.91%	87.60%	-93.25%	8,022.71%	27.32%	0.00%
Dividend Yield	-	-	1.96%	2.39%	0.69%	1.22%	0.96%	0.83%	0.40%	5.98%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	284.34
(-) Cash Dividends Paid (M)	114.43
(=) Cash Retained (M)	169.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.87	35.54	21.33
Cash Retained (M)	169.92	169.92	169.92
(-) Cash Required (M)	-56.87	-35.54	-21.33
(=) Excess Retained (M)	113.05	134.37	148.59
(/) Shares Outstanding (M)	438.50	438.50	438.50
(=) Excess Retained per Share	0.26	0.31	0.34
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.26	0.31	0.34
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	10.56%	10.56%	10.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.82	$14.89	$21.08
Upside / Downside	-65.25%	-52.18%	-32.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	284.34	302.83	322.51	343.47	365.80	389.57	401.26
Payout Ratio	40.24%	50.19%	60.15%	70.10%	80.05%	90.00%	92.50%
Projected Dividends (M)	114.43	152.00	193.98	240.76	292.82	350.62	371.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.56%	10.56%	10.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	136.19	137.49	138.78
Year 2 PV (M)	155.73	158.70	161.69
Year 3 PV (M)	173.19	178.16	183.23
Year 4 PV (M)	188.73	195.99	203.45
Year 5 PV (M)	202.48	212.26	222.42
PV of Terminal Value (M)	2,836.01	2,973.00	3,115.22
Equity Value (M)	3,692.34	3,855.59	4,024.79
Shares Outstanding (M)	438.50	438.50	438.50
Fair Value	$8.42	$8.79	$9.18
Upside / Downside	-72.96%	-71.76%	-70.52%

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Xiamen Solex High-tech Industries Co., Ltd. (603992.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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