DDM Analysis: 600363.SS

Valuation Snapshot

Stable Growth	$12.59 - $27.10	$17.97
Multi-Stage	$14.51 - $15.91	$15.20
Blended Fair Value	$16.58
Current Price	$61.61
Upside	-73.08%
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	34.11%	20.83%	0.22	0.06	0.05	0.06	0.04	0.05	0.04	0.04	0.03	0.04
YoY Growth	-	-	272.52%	13.46%	-10.39%	32.38%	-13.46%	18.18%	22.22%	9.14%	-10.85%	8.82%
Dividend Yield	-	-	0.35%	0.21%	0.16%	0.23%	0.19%	0.40%	0.40%	0.30%	0.20%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	306.15
(-) Cash Dividends Paid (M)	78.32
(=) Cash Retained (M)	227.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.23	38.27	22.96
Cash Retained (M)	227.83	227.83	227.83
(-) Cash Required (M)	-61.23	-38.27	-22.96
(=) Excess Retained (M)	166.60	189.56	204.87
(/) Shares Outstanding (M)	451.74	451.74	451.74
(=) Excess Retained per Share	0.37	0.42	0.45
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.37	0.42	0.45
(=) Adjusted Dividend	0.54	0.59	0.63
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	2.72%	3.72%	4.72%
Fair Value	$12.59	$17.97	$27.10
Upside / Downside	-79.56%	-70.83%	-56.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	306.15	317.55	329.37	341.63	354.34	367.53	378.55
Payout Ratio	25.58%	38.47%	51.35%	64.23%	77.12%	90.00%	92.50%
Projected Dividends (M)	78.32	122.15	169.13	219.44	273.26	330.78	350.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	2.72%	3.72%	4.72%
Year 1 PV (M)	112.90	114.00	115.10
Year 2 PV (M)	144.50	147.33	150.18
Year 3 PV (M)	173.29	178.40	183.61
Year 4 PV (M)	199.46	207.34	215.46
Year 5 PV (M)	223.18	234.25	245.77
PV of Terminal Value (M)	5,700.58	5,983.51	6,277.57
Equity Value (M)	6,553.91	6,864.84	7,187.68
Shares Outstanding (M)	451.74	451.74	451.74
Fair Value	$14.51	$15.20	$15.91
Upside / Downside	-76.45%	-75.33%	-74.17%

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Jiangxi Lianchuang Opto-Electronic Science&Technology Co.,Ltd (600363.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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