DDM Analysis: 688683.SS

Valuation Snapshot

Stable Growth	$41.49 - $48.95	$45.84
Multi-Stage	$62.40 - $68.98	$65.62
Blended Fair Value	$55.73
Current Price	$34.28
Upside	62.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-10.43%	0.00%	0.08	0.11	0.15	0.17	0.00	0.13	0.00	0.00	0.00	0.00
YoY Growth	-	-	-26.70%	-28.98%	-10.30%	11,431.78%	-98.93%	4,447.87%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.36%	0.59%	0.67%	0.75%	0.01%	0.76%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.57
(-) Cash Dividends Paid (M)	11.24
(=) Cash Retained (M)	29.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.11	5.07	3.04
Cash Retained (M)	29.33	29.33	29.33
(-) Cash Required (M)	-8.11	-5.07	-3.04
(=) Excess Retained (M)	21.21	24.26	26.28
(/) Shares Outstanding (M)	153.33	153.33	153.33
(=) Excess Retained per Share	0.14	0.16	0.17
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.14	0.16	0.17
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	-17.82%	-17.82%	-17.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$41.49	$45.84	$48.95
Upside / Downside	21.03%	33.73%	42.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.57	40.17	39.76	39.37	38.97	38.58	39.74
Payout Ratio	27.71%	40.17%	52.63%	65.09%	77.54%	90.00%	92.50%
Projected Dividends (M)	11.24	16.13	20.93	25.62	30.22	34.72	36.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-17.82%	-17.82%	-17.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	19.43	19.63	19.83
Year 2 PV (M)	30.36	30.99	31.61
Year 3 PV (M)	44.78	46.16	47.58
Year 4 PV (M)	63.62	66.25	68.97
Year 5 PV (M)	88.05	92.63	97.41
PV of Terminal Value (M)	9,320.99	9,806.35	10,311.73
Equity Value (M)	9,567.23	10,062.02	10,577.13
Shares Outstanding (M)	153.33	153.33	153.33
Fair Value	$62.40	$65.62	$68.98
Upside / Downside	82.02%	91.44%	101.24%

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GuangDong Leary New Material Technology Co.,Ltd (688683.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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