DDM Analysis: 300829.SZ

Valuation Snapshot

Stable Growth	$57.45 - $67.68	$63.43
Multi-Stage	$86.49 - $94.95	$90.64
Blended Fair Value	$77.04
Current Price	$18.24
Upside	322.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.16%	7.09%	0.20	0.10	0.07	0.14	0.05	0.07	0.12	0.05	0.05	0.08
YoY Growth	-	-	98.22%	46.67%	-50.10%	185.94%	-34.41%	-40.99%	131.83%	6.89%	-35.72%	-22.47%
Dividend Yield	-	-	1.20%	0.58%	0.28%	0.45%	0.12%	0.36%	0.61%	0.26%	0.24%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.02
(-) Cash Dividends Paid (M)	25.22
(=) Cash Retained (M)	42.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.60	8.50	5.10
Cash Retained (M)	42.79	42.79	42.79
(-) Cash Required (M)	-13.60	-8.50	-5.10
(=) Excess Retained (M)	29.19	34.29	37.69
(/) Shares Outstanding (M)	199.86	199.86	199.86
(=) Excess Retained per Share	0.15	0.17	0.19
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.15	0.17	0.19
(=) Adjusted Dividend	0.27	0.30	0.31
WACC / Discount Rate	-12.83%	-12.83%	-12.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$57.45	$63.43	$67.68
Upside / Downside	214.96%	247.75%	271.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.02	72.44	77.15	82.16	87.50	93.19	95.99
Payout Ratio	37.09%	47.67%	58.25%	68.83%	79.42%	90.00%	92.50%
Projected Dividends (M)	25.22	34.53	44.94	56.56	69.49	83.87	88.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-12.83%	-12.83%	-12.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.24	39.61	39.99
Year 2 PV (M)	58.04	59.15	60.26
Year 3 PV (M)	83.01	85.39	87.82
Year 4 PV (M)	115.92	120.38	124.96
Year 5 PV (M)	159.00	166.68	174.65
PV of Terminal Value (M)	16,831.53	17,644.50	18,488.58
Equity Value (M)	17,286.74	18,115.71	18,976.27
Shares Outstanding (M)	199.86	199.86	199.86
Fair Value	$86.49	$90.64	$94.95
Upside / Downside	374.20%	396.94%	420.55%

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Henan Jindan Lactic Acid Technology Co., Ltd (300829.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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