DDM Analysis: 000936.SZ

Valuation Snapshot

Stable Growth	$54.31 - $64.07	$60.01
Multi-Stage	$82.01 - $90.63	$86.24
Blended Fair Value	$73.12
Current Price	$7.63
Upside	858.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-25.51%	1.77%	0.07	0.06	0.09	0.05	0.16	0.32	0.43	0.29	0.07	0.05
YoY Growth	-	-	22.17%	-35.00%	89.74%	-70.40%	-48.59%	-25.94%	46.31%	316.60%	53.39%	-24.97%
Dividend Yield	-	-	1.03%	0.74%	1.17%	0.87%	2.84%	3.85%	3.92%	3.77%	0.78%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	317.82
(-) Cash Dividends Paid (M)	37.54
(=) Cash Retained (M)	280.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	63.56	39.73	23.84
Cash Retained (M)	280.28	280.28	280.28
(-) Cash Required (M)	-63.56	-39.73	-23.84
(=) Excess Retained (M)	216.71	240.55	256.44
(/) Shares Outstanding (M)	921.87	921.87	921.87
(=) Excess Retained per Share	0.24	0.26	0.28
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.24	0.26	0.28
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	-17.61%	-17.61%	-17.61%
Growth Rate	-1.54%	-0.54%	0.46%
Fair Value	$54.31	$60.01	$64.07
Upside / Downside	611.83%	686.47%	739.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	317.82	316.11	314.41	312.72	311.04	309.37	318.65
Payout Ratio	11.81%	27.45%	43.09%	58.72%	74.36%	90.00%	92.50%
Projected Dividends (M)	37.54	86.77	135.47	183.64	231.30	278.43	294.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-17.61%	-17.61%	-17.61%
Growth Rate	-1.54%	-0.54%	0.46%
Year 1 PV (M)	104.25	105.31	106.37
Year 2 PV (M)	195.56	199.56	203.59
Year 3 PV (M)	318.53	328.34	338.34
Year 4 PV (M)	482.03	501.91	522.40
Year 5 PV (M)	697.18	733.31	770.92
PV of Terminal Value (M)	73,804.43	77,629.16	81,610.85
Equity Value (M)	75,601.98	79,497.59	83,552.47
Shares Outstanding (M)	921.87	921.87	921.87
Fair Value	$82.01	$86.24	$90.63
Upside / Downside	974.83%	1,030.22%	1,087.86%

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Jiangsu Huaxicun Co.,Ltd. (000936.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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