DDM Analysis: 688093.SS

Valuation Snapshot

Stable Growth	$128.40 - $298.35	$279.60
Multi-Stage	$44.05 - $48.22	$46.10
Blended Fair Value	$162.85
Current Price	$39.89
Upside	308.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	55.46%	0.00%	0.70	0.36	0.08	0.13	0.06	0.08	0.11	0.02	0.00	0.00
YoY Growth	-	-	93.22%	371.67%	-40.00%	125.11%	-26.24%	-30.05%	346.35%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.99%	2.56%	0.36%	0.64%	0.32%	0.38%	0.55%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	400.54
(-) Cash Dividends Paid (M)	135.71
(=) Cash Retained (M)	264.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80.11	50.07	30.04
Cash Retained (M)	264.83	264.83	264.83
(-) Cash Required (M)	-80.11	-50.07	-30.04
(=) Excess Retained (M)	184.72	214.76	234.79
(/) Shares Outstanding (M)	266.99	266.99	266.99
(=) Excess Retained per Share	0.69	0.80	0.88
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.69	0.80	0.88
(=) Adjusted Dividend	1.20	1.31	1.39
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$128.40	$279.60	$298.35
Upside / Downside	221.89%	600.92%	647.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	400.54	426.57	454.30	483.83	515.28	548.77	565.23
Payout Ratio	33.88%	45.10%	56.33%	67.55%	78.78%	90.00%	92.50%
Projected Dividends (M)	135.71	192.40	255.90	326.84	405.91	493.89	522.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	178.99	180.68	182.38
Year 2 PV (M)	221.46	225.67	229.93
Year 3 PV (M)	263.12	270.68	278.37
Year 4 PV (M)	304.00	315.69	327.72
Year 5 PV (M)	344.10	360.72	377.97
PV of Terminal Value (M)	10,449.07	10,953.77	11,477.78
Equity Value (M)	11,760.74	12,307.21	12,874.15
Shares Outstanding (M)	266.99	266.99	266.99
Fair Value	$44.05	$46.10	$48.22
Upside / Downside	10.43%	15.56%	20.88%

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Suzhou Shihua New Material Technology Co., Ltd. (688093.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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