DDM Analysis: 688350.SS

Valuation Snapshot

Stable Growth	$1.49 - $4.43	$2.35
Multi-Stage	$1.14 - $1.25	$1.19
Blended Fair Value	$1.77
Current Price	$22.61
Upside	-92.16%
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	-12.52%	12.26%	0.27	0.23	0.38	0.39	0.31	0.52	0.04	0.28	0.65	0.87
YoY Growth	-	-	14.22%	-39.20%	-1.31%	25.20%	-40.31%	1,090.68%	-84.15%	-57.64%	-25.27%	938.14%
Dividend Yield	-	-	2.02%	1.75%	1.83%	2.03%	1.36%	1.97%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7.56
(-) Cash Dividends Paid (M)	3.46
(=) Cash Retained (M)	4.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.51	0.94	0.57
Cash Retained (M)	4.09	4.09	4.09
(-) Cash Required (M)	-1.51	-0.94	-0.57
(=) Excess Retained (M)	2.58	3.15	3.52
(/) Shares Outstanding (M)	128.84	128.84	128.84
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.05	0.05	0.05
WACC / Discount Rate	8.04%	8.04%	8.04%
Growth Rate	4.73%	5.73%	6.73%
Fair Value	$1.49	$2.35	$4.43
Upside / Downside	-93.43%	-89.60%	-80.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7.56	7.99	8.45	8.93	9.44	9.98	10.28
Payout Ratio	45.86%	54.69%	63.52%	72.34%	81.17%	90.00%	92.50%
Projected Dividends (M)	3.46	4.37	5.36	6.46	7.66	8.98	9.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.04%	8.04%	8.04%
Growth Rate	4.73%	5.73%	6.73%
Year 1 PV (M)	4.01	4.04	4.08
Year 2 PV (M)	4.51	4.60	4.68
Year 3 PV (M)	4.98	5.12	5.27
Year 4 PV (M)	5.42	5.63	5.84
Year 5 PV (M)	5.82	6.10	6.40
PV of Terminal Value (M)	122.25	128.20	134.37
Equity Value (M)	146.98	153.69	160.65
Shares Outstanding (M)	128.84	128.84	128.84
Fair Value	$1.14	$1.19	$1.25
Upside / Downside	-94.95%	-94.72%	-94.49%

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Jiangsu Feymer Technology Co., Ltd. (688350.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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