DDM Analysis: 002969.SZ

Valuation Snapshot

Stable Growth	$1.79 - $2.95	$2.31
Multi-Stage	$2.35 - $2.58	$2.46
Blended Fair Value	$2.38
Current Price	$3.48
Upside	-31.49%
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	43.39%	1.95%	0.29	0.01	0.01	0.01	0.02	0.05	0.06	0.48	0.07	0.11
YoY Growth	-	-	2,525.24%	-0.03%	10.21%	-46.94%	-60.50%	-24.85%	-86.61%	563.85%	-35.37%	-53.62%
Dividend Yield	-	-	8.83%	0.31%	0.28%	0.20%	0.39%	0.53%	1.21%	9.07%	1.37%	2.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	148.19
(-) Cash Dividends Paid (M)	14.16
(=) Cash Retained (M)	134.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.64	18.52	11.11
Cash Retained (M)	134.03	134.03	134.03
(-) Cash Required (M)	-29.64	-18.52	-11.11
(=) Excess Retained (M)	104.39	115.51	122.92
(/) Shares Outstanding (M)	950.83	950.83	950.83
(=) Excess Retained per Share	0.11	0.12	0.13
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.11	0.12	0.13
(=) Adjusted Dividend	0.12	0.14	0.14
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	1.29%	2.29%	3.29%
Fair Value	$1.79	$2.31	$2.95
Upside / Downside	-48.45%	-33.64%	-15.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	148.19	151.59	155.06	158.61	162.25	165.97	170.95
Payout Ratio	9.55%	25.64%	41.73%	57.82%	73.91%	90.00%	92.50%
Projected Dividends (M)	14.16	38.87	64.71	91.71	119.92	149.37	158.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.33%	8.33%	8.33%
Growth Rate	1.29%	2.29%	3.29%
Year 1 PV (M)	35.53	35.88	36.23
Year 2 PV (M)	54.07	55.14	56.22
Year 3 PV (M)	70.04	72.14	74.27
Year 4 PV (M)	83.71	87.07	90.52
Year 5 PV (M)	95.31	100.11	105.10
PV of Terminal Value (M)	1,892.34	1,987.61	2,086.69
Equity Value (M)	2,231.01	2,337.95	2,449.04
Shares Outstanding (M)	950.83	950.83	950.83
Fair Value	$2.35	$2.46	$2.58
Upside / Downside	-32.58%	-29.34%	-25.99%

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Jiamei Food Packaging (Chuzhou) Co.,Ltd (002969.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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