DDM Analysis: 300964.SZ

Valuation Snapshot

Stable Growth	$3.03 - $4.29	$3.65
Multi-Stage	$4.55 - $5.00	$4.77
Blended Fair Value	$4.21
Current Price	$43.45
Upside	-90.31%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2014
DPS	0.29%	0.00%	0.40	0.00	0.30	0.00	0.00	0.40	0.14	0.01	0.00	0.01
YoY Growth	-	-	318,879.30%	-99.96%	10,557.75%	60.95%	-99.56%	186.38%	1,384.53%	167.05%	-62.67%	0.00%
Dividend Yield	-	-	1.01%	0.00%	0.54%	0.01%	0.00%	0.58%	0.00%	0.00%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.64
(-) Cash Dividends Paid (M)	8.32
(=) Cash Retained (M)	27.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.13	4.46	2.67
Cash Retained (M)	27.33	27.33	27.33
(-) Cash Required (M)	-7.13	-4.46	-2.67
(=) Excess Retained (M)	20.20	22.87	24.65
(/) Shares Outstanding (M)	76.96	76.96	76.96
(=) Excess Retained per Share	0.26	0.30	0.32
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.26	0.30	0.32
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.03	$3.65	$4.29
Upside / Downside	-93.02%	-91.59%	-90.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.64	35.29	34.94	34.59	34.24	33.90	34.91
Payout Ratio	23.33%	36.67%	50.00%	63.33%	76.67%	90.00%	92.50%
Projected Dividends (M)	8.32	12.94	17.47	21.90	26.25	30.51	32.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.65	11.76	11.88
Year 2 PV (M)	14.15	14.44	14.73
Year 3 PV (M)	15.97	16.47	16.97
Year 4 PV (M)	17.23	17.94	18.68
Year 5 PV (M)	18.02	18.96	19.94
PV of Terminal Value (M)	273.27	287.50	302.32
Equity Value (M)	350.29	367.08	384.52
Shares Outstanding (M)	76.96	76.96	76.96
Fair Value	$4.55	$4.77	$5.00
Upside / Downside	-89.52%	-89.02%	-88.50%

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Jiangsu Allfavor Intelligent Circuits Technology CO.,Ltd (300964.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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