DDM Analysis: 600814.SS

Valuation Snapshot

Stable Growth	$3.32 - $5.78	$4.37
Multi-Stage	$6.48 - $7.12	$6.80
Blended Fair Value	$5.58
Current Price	$7.46
Upside	-25.14%
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	17.90%	17.02%	0.14	0.13	0.18	0.11	0.09	0.06	0.08	0.08	0.09	0.10
YoY Growth	-	-	10.15%	-31.67%	74.10%	12.94%	53.93%	-20.47%	-2.93%	-15.81%	-4.76%	241.57%
Dividend Yield	-	-	1.77%	1.99%	2.37%	1.35%	1.68%	1.11%	1.22%	1.05%	0.78%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	196.38
(-) Cash Dividends Paid (M)	100.76
(=) Cash Retained (M)	95.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.28	24.55	14.73
Cash Retained (M)	95.62	95.62	95.62
(-) Cash Required (M)	-39.28	-24.55	-14.73
(=) Excess Retained (M)	56.34	71.07	80.89
(/) Shares Outstanding (M)	765.86	765.86	765.86
(=) Excess Retained per Share	0.07	0.09	0.11
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.07	0.09	0.11
(=) Adjusted Dividend	0.21	0.22	0.24
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	0.00%	1.00%	2.00%
Fair Value	$3.32	$4.37	$5.78
Upside / Downside	-55.53%	-41.39%	-22.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	196.38	198.34	200.32	202.32	204.33	206.37	212.56
Payout Ratio	51.31%	59.05%	66.79%	74.52%	82.26%	90.00%	92.50%
Projected Dividends (M)	100.76	117.12	133.78	150.77	168.09	185.73	196.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	0.00%	1.00%	2.00%
Year 1 PV (M)	109.21	110.30	111.39
Year 2 PV (M)	116.33	118.66	121.02
Year 3 PV (M)	122.24	125.95	129.73
Year 4 PV (M)	127.08	132.24	137.56
Year 5 PV (M)	130.94	137.62	144.57
PV of Terminal Value (M)	4,358.66	4,581.00	4,812.33
Equity Value (M)	4,964.46	5,205.77	5,456.59
Shares Outstanding (M)	765.86	765.86	765.86
Fair Value	$6.48	$6.80	$7.12
Upside / Downside	-13.11%	-8.88%	-4.49%

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Hangzhou Jiebai Group Co., Limited (600814.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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