DDM Analysis: 600668.SS

Valuation Snapshot

Stable Growth	$7.62 - $10.29	$8.99
Multi-Stage	$18.97 - $21.04	$19.98
Blended Fair Value	$14.49
Current Price	$11.65
Upside	24.34%
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	-15.78%	-6.62%	0.13	0.16	0.45	0.36	0.30	0.31	0.17	0.30	0.23	0.32
YoY Growth	-	-	-19.78%	-64.06%	24.87%	19.11%	-1.21%	76.98%	-41.72%	30.30%	-28.90%	24.50%
Dividend Yield	-	-	1.48%	2.11%	4.36%	2.13%	2.56%	2.62%	1.40%	2.33%	1.58%	2.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	687.14
(-) Cash Dividends Paid (M)	20.87
(=) Cash Retained (M)	666.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	137.43	85.89	51.54
Cash Retained (M)	666.27	666.27	666.27
(-) Cash Required (M)	-137.43	-85.89	-51.54
(=) Excess Retained (M)	528.84	580.38	614.74
(/) Shares Outstanding (M)	413.17	413.17	413.17
(=) Excess Retained per Share	1.28	1.40	1.49
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	1.28	1.40	1.49
(=) Adjusted Dividend	1.33	1.46	1.54
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-8.62%	-7.62%	-6.62%
Fair Value	$7.62	$8.99	$10.29
Upside / Downside	-34.60%	-22.85%	-11.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	687.14	634.76	586.37	541.67	500.38	462.24	476.11
Payout Ratio	3.04%	20.43%	37.82%	55.21%	72.61%	90.00%	92.50%
Projected Dividends (M)	20.87	129.68	221.78	299.08	363.31	416.02	440.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-8.62%	-7.62%	-6.62%
Year 1 PV (M)	119.51	120.82	122.12
Year 2 PV (M)	188.36	192.51	196.70
Year 3 PV (M)	234.11	241.88	249.82
Year 4 PV (M)	262.09	273.75	285.80
Year 5 PV (M)	276.58	292.04	308.20
PV of Terminal Value (M)	6,757.64	7,135.59	7,530.26
Equity Value (M)	7,838.28	8,256.59	8,692.90
Shares Outstanding (M)	413.17	413.17	413.17
Fair Value	$18.97	$19.98	$21.04
Upside / Downside	62.84%	71.53%	80.59%

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Zhejiang Jianfeng Group Co., Ltd. (600668.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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