DDM Analysis: 002245.SZ

Valuation Snapshot

Stable Growth	$8.00 - $13.55	$10.42
Multi-Stage	$6.34 - $6.92	$6.62
Blended Fair Value	$8.52
Current Price	$20.02
Upside	-57.43%
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	17.17%	6.09%	0.05	0.03	0.06	0.03	0.01	0.02	0.03	0.02	0.03	0.03
YoY Growth	-	-	34.37%	-44.39%	133.33%	111.11%	-40.00%	-37.27%	58.93%	-15.75%	-17.49%	17.98%
Dividend Yield	-	-	0.33%	0.40%	0.44%	0.12%	0.11%	0.55%	0.67%	0.23%	0.27%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	719.11
(-) Cash Dividends Paid (M)	99.85
(=) Cash Retained (M)	619.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	143.82	89.89	53.93
Cash Retained (M)	619.27	619.27	619.27
(-) Cash Required (M)	-143.82	-89.89	-53.93
(=) Excess Retained (M)	475.44	529.38	565.33
(/) Shares Outstanding (M)	1,154.37	1,154.37	1,154.37
(=) Excess Retained per Share	0.41	0.46	0.49
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.41	0.46	0.49
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	12.07%	12.07%	12.07%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.00	$10.42	$13.55
Upside / Downside	-60.03%	-47.95%	-32.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	719.11	765.85	815.64	868.65	925.11	985.25	1,014.80
Payout Ratio	13.88%	29.11%	44.33%	59.55%	74.78%	90.00%	92.50%
Projected Dividends (M)	99.85	222.92	361.58	517.32	691.77	886.72	938.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.07%	12.07%	12.07%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	197.05	198.91	200.78
Year 2 PV (M)	282.50	287.88	293.31
Year 3 PV (M)	357.26	367.52	377.97
Year 4 PV (M)	422.28	438.52	455.22
Year 5 PV (M)	478.45	501.56	525.55
PV of Terminal Value (M)	5,583.58	5,853.27	6,133.28
Equity Value (M)	7,321.12	7,647.66	7,986.12
Shares Outstanding (M)	1,154.37	1,154.37	1,154.37
Fair Value	$6.34	$6.62	$6.92
Upside / Downside	-68.32%	-66.91%	-65.44%

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Jiangsu Azure Corporation (002245.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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