DDM Analysis: 300631.SZ

Valuation Snapshot

Stable Growth	$10.07 - $18.63	$13.59
Multi-Stage	$8.61 - $9.42	$9.01
Blended Fair Value	$11.30
Current Price	$32.82
Upside	-65.57%
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	8.64%	17.43%	0.20	0.07	0.15	0.16	0.13	0.13	0.11	0.11	0.04	0.04
YoY Growth	-	-	179.12%	-53.33%	-5.91%	23.49%	0.00%	18.68%	4.00%	167.03%	0.00%	0.00%
Dividend Yield	-	-	0.92%	0.30%	0.46%	0.48%	0.74%	0.80%	0.60%	0.33%	0.21%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.25
(-) Cash Dividends Paid (M)	1.10
(=) Cash Retained (M)	80.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.25	10.16	6.09
Cash Retained (M)	80.15	80.15	80.15
(-) Cash Required (M)	-16.25	-10.16	-6.09
(=) Excess Retained (M)	63.90	70.00	74.06
(/) Shares Outstanding (M)	122.13	122.13	122.13
(=) Excess Retained per Share	0.52	0.57	0.61
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.52	0.57	0.61
(=) Adjusted Dividend	0.53	0.58	0.62
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	4.39%	5.39%	6.39%
Fair Value	$10.07	$13.59	$18.63
Upside / Downside	-69.30%	-58.59%	-43.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.25	85.63	90.24	95.10	100.22	105.61	108.78
Payout Ratio	1.35%	19.08%	36.81%	54.54%	72.27%	90.00%	92.50%
Projected Dividends (M)	1.10	16.34	33.22	51.87	72.43	95.05	100.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	4.39%	5.39%	6.39%
Year 1 PV (M)	14.73	14.87	15.01
Year 2 PV (M)	26.98	27.50	28.03
Year 3 PV (M)	37.97	39.07	40.20
Year 4 PV (M)	47.79	49.65	51.56
Year 5 PV (M)	56.53	59.29	62.16
PV of Terminal Value (M)	867.36	909.71	953.70
Equity Value (M)	1,051.37	1,100.10	1,150.65
Shares Outstanding (M)	122.13	122.13	122.13
Fair Value	$8.61	$9.01	$9.42
Upside / Downside	-73.77%	-72.55%	-71.29%

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JiangSu JiuWu Hi-Tech Co., Ltd. (300631.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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