DDM Analysis: 002265.SZ

Valuation Snapshot

Stable Growth	$1.95 - $4.39	$2.82
Multi-Stage	$1.37 - $1.50	$1.43
Blended Fair Value	$2.13
Current Price	$29.84
Upside	-92.87%
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	-0.54%	4.76%	0.01	0.01	0.00	0.00	0.01	0.01	0.01	0.01	0.00	0.00
YoY Growth	-	-	14.21%	90.39%	11.97%	-50.02%	-20.03%	32.97%	-35.13%	194.17%	13.77%	-43.34%
Dividend Yield	-	-	0.03%	0.06%	0.03%	0.02%	0.09%	0.10%	0.03%	0.05%	0.01%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	106.68
(-) Cash Dividends Paid (M)	6.91
(=) Cash Retained (M)	99.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.34	13.33	8.00
Cash Retained (M)	99.77	99.77	99.77
(-) Cash Required (M)	-21.34	-13.33	-8.00
(=) Excess Retained (M)	78.44	86.44	91.77
(/) Shares Outstanding (M)	1,105.14	1,105.14	1,105.14
(=) Excess Retained per Share	0.07	0.08	0.08
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.07	0.08	0.08
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	9.68%	9.68%	9.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1.95	$2.82	$4.39
Upside / Downside	-93.48%	-90.53%	-85.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.68	113.61	121.00	128.86	137.24	146.16	150.54
Payout Ratio	6.47%	23.18%	39.88%	56.59%	73.29%	90.00%	92.50%
Projected Dividends (M)	6.91	26.33	48.26	72.92	100.59	131.54	139.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.68%	9.68%	9.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.78	24.01	24.24
Year 2 PV (M)	39.36	40.11	40.87
Year 3 PV (M)	53.72	55.26	56.83
Year 4 PV (M)	66.92	69.50	72.14
Year 5 PV (M)	79.04	82.86	86.82
PV of Terminal Value (M)	1,251.75	1,312.21	1,374.98
Equity Value (M)	1,514.58	1,583.95	1,655.89
Shares Outstanding (M)	1,105.14	1,105.14	1,105.14
Fair Value	$1.37	$1.43	$1.50
Upside / Downside	-95.41%	-95.20%	-94.98%

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Jianshe Industry Group (Yunnan) Co., Ltd. (002265.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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