DDM Analysis: 002201.SZ

Valuation Snapshot

Stable Growth	$1.00 - $1.49	$1.23
Multi-Stage	$1.56 - $1.72	$1.64
Blended Fair Value	$1.43
Current Price	$7.93
Upside	-81.93%
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	1.20%	-5.04%	0.06	0.05	0.06	0.01	0.01	0.05	0.06	0.06	0.08	0.09
YoY Growth	-	-	6.58%	-14.82%	983.63%	-26.67%	-85.29%	-13.16%	-5.38%	-19.27%	-13.13%	-2.48%
Dividend Yield	-	-	1.03%	0.86%	0.56%	0.05%	0.13%	0.74%	1.45%	1.28%	1.09%	1.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	78.10
(-) Cash Dividends Paid (M)	29.90
(=) Cash Retained (M)	48.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.62	9.76	5.86
Cash Retained (M)	48.20	48.20	48.20
(-) Cash Required (M)	-15.62	-9.76	-5.86
(=) Excess Retained (M)	32.58	38.44	42.34
(/) Shares Outstanding (M)	651.94	651.94	651.94
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.10	0.10	0.11
WACC / Discount Rate	8.75%	8.75%	8.75%
Growth Rate	-0.80%	0.20%	1.20%
Fair Value	$1.00	$1.23	$1.49
Upside / Downside	-87.45%	-84.51%	-81.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	78.10	78.26	78.41	78.56	78.72	78.87	81.24
Payout Ratio	38.29%	48.63%	58.97%	69.32%	79.66%	90.00%	92.50%
Projected Dividends (M)	29.90	38.06	46.24	54.46	62.70	70.98	75.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.75%	8.75%	8.75%
Growth Rate	-0.80%	0.20%	1.20%
Year 1 PV (M)	34.65	35.00	35.35
Year 2 PV (M)	38.32	39.10	39.89
Year 3 PV (M)	41.09	42.35	43.63
Year 4 PV (M)	43.07	44.84	46.65
Year 5 PV (M)	44.39	46.67	49.05
PV of Terminal Value (M)	817.74	859.80	903.57
Equity Value (M)	1,019.27	1,067.75	1,118.13
Shares Outstanding (M)	651.94	651.94	651.94
Fair Value	$1.56	$1.64	$1.72
Upside / Downside	-80.28%	-79.35%	-78.37%

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Jiangsu Jiuding New Material Co., Ltd. (002201.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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