DDM Analysis: 688550.SS

Valuation Snapshot

Stable Growth	$170.56 - $396.32	$371.41
Multi-Stage	$58.34 - $63.87	$61.05
Blended Fair Value	$216.23
Current Price	$50.45
Upside	328.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.14%	16.52%	0.47	0.68	0.69	0.46	0.07	0.33	0.17	0.18	0.10	0.19
YoY Growth	-	-	-30.95%	-2.30%	49.85%	591.35%	-79.80%	92.04%	-4.67%	72.14%	-44.30%	86.12%
Dividend Yield	-	-	1.19%	2.45%	2.30%	1.22%	0.21%	0.66%	0.34%	0.36%	0.21%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	347.23
(-) Cash Dividends Paid (M)	102.01
(=) Cash Retained (M)	245.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.45	43.40	26.04
Cash Retained (M)	245.22	245.22	245.22
(-) Cash Required (M)	-69.45	-43.40	-26.04
(=) Excess Retained (M)	175.77	201.82	219.18
(/) Shares Outstanding (M)	174.24	174.24	174.24
(=) Excess Retained per Share	1.01	1.16	1.26
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	1.01	1.16	1.26
(=) Adjusted Dividend	1.59	1.74	1.84
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$170.56	$371.41	$396.32
Upside / Downside	238.09%	636.20%	685.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	347.23	369.80	393.84	419.44	446.70	475.74	490.01
Payout Ratio	29.38%	41.50%	53.63%	65.75%	77.88%	90.00%	92.50%
Projected Dividends (M)	102.01	153.48	211.21	275.79	347.87	428.16	453.26

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)	142.78	144.13	145.48
Year 2 PV (M)	182.78	186.26	189.77
Year 3 PV (M)	222.03	228.40	234.89
Year 4 PV (M)	260.53	270.55	280.86
Year 5 PV (M)	298.31	312.71	327.67
PV of Terminal Value (M)	9,058.52	9,496.05	9,950.33
Equity Value (M)	10,164.94	10,638.11	11,129.01
Shares Outstanding (M)	174.24	174.24	174.24
Fair Value	$58.34	$61.05	$63.87
Upside / Downside	15.64%	21.02%	26.60%

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Xi'an Manareco New Materials Co.,Ltd (688550.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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