DDM Analysis: 300994.SZ

Valuation Snapshot

Stable Growth	$6.92 - $10.64	$8.65
Multi-Stage	$8.37 - $9.19	$8.77
Blended Fair Value	$8.71
Current Price	$17.80
Upside	-51.05%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	17.02%	0.00%	0.37	0.49	0.57	0.30	0.22	0.17	0.17	0.00	0.00	0.00
YoY Growth	-	-	-24.28%	-14.89%	89.30%	37.13%	31.15%	0.72%	7,309.47%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.94%	4.39%	2.93%	1.26%	0.77%	0.58%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	169.47
(-) Cash Dividends Paid (M)	0.13
(=) Cash Retained (M)	169.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.89	21.18	12.71
Cash Retained (M)	169.34	169.34	169.34
(-) Cash Required (M)	-33.89	-21.18	-12.71
(=) Excess Retained (M)	135.45	148.16	156.63
(/) Shares Outstanding (M)	231.54	231.54	231.54
(=) Excess Retained per Share	0.58	0.64	0.68
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.58	0.64	0.68
(=) Adjusted Dividend	0.59	0.64	0.68
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	1.17%	2.17%	3.17%
Fair Value	$6.92	$8.65	$10.64
Upside / Downside	-61.13%	-51.39%	-40.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	169.47	173.15	176.91	180.75	184.68	188.69	194.35
Payout Ratio	0.08%	18.06%	36.05%	54.03%	72.02%	90.00%	92.50%
Projected Dividends (M)	0.13	31.27	63.77	97.66	132.99	169.82	179.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	1.17%	2.17%	3.17%
Year 1 PV (M)	28.22	28.50	28.78
Year 2 PV (M)	51.92	52.96	54.00
Year 3 PV (M)	71.76	73.91	76.10
Year 4 PV (M)	88.18	91.72	95.36
Year 5 PV (M)	101.60	106.72	112.05
PV of Terminal Value (M)	1,597.12	1,677.63	1,761.35
Equity Value (M)	1,938.81	2,031.43	2,127.64
Shares Outstanding (M)	231.54	231.54	231.54
Fair Value	$8.37	$8.77	$9.19
Upside / Downside	-52.96%	-50.71%	-48.38%

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Joy Kie Corporation Limited. (300994.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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