DDM Analysis: 600363.SS

Valuation Snapshot

Stable Growth	$9.08 - $15.88	$11.98
Multi-Stage	$10.04 - $11.00	$10.51
Blended Fair Value	$11.25
Current Price	$61.61
Upside	-81.74%
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	8.85%	8.85%	8.85%
Growth Rate	2.72%	3.72%	4.72%
Fair Value	$9.08	$11.98	$15.88
Upside / Downside	-85.26%	-80.55%	-74.22%

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	8.85%	8.85%	8.85%
Growth Rate	2.72%	3.72%	4.72%
Year 1 PV (M)	111.13	112.21	113.29
Year 2 PV (M)	139.99	142.73	145.50
Year 3 PV (M)	165.25	170.12	175.09
Year 4 PV (M)	187.22	194.61	202.23
Year 5 PV (M)	206.18	216.42	227.05
PV of Terminal Value (M)	3,727.94	3,912.96	4,105.26
Equity Value (M)	4,537.71	4,749.06	4,968.43
Shares Outstanding (M)	451.74	451.74	451.74
Fair Value	$10.04	$10.51	$11.00
Upside / Downside	-83.70%	-82.94%	-82.15%

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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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