DDM Analysis: 301538.SZ

Valuation Snapshot

Stable Growth	$56.38 - $121.23	$80.43
Multi-Stage	$41.25 - $45.04	$43.11
Blended Fair Value	$61.77
Current Price	$93.80
Upside	-34.15%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	30.58%	0.00%	0.59	0.01	0.01	0.00	0.16	0.16	0.00	0.00	0.00	0.00
YoY Growth	-	-	7,066.74%	50.70%	384.16%	-99.30%	3.83%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.12%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	197.71
(-) Cash Dividends Paid (M)	45.59
(=) Cash Retained (M)	152.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.54	24.71	14.83
Cash Retained (M)	152.12	152.12	152.12
(-) Cash Required (M)	-39.54	-24.71	-14.83
(=) Excess Retained (M)	112.57	127.40	137.29
(/) Shares Outstanding (M)	66.89	66.89	66.89
(=) Excess Retained per Share	1.68	1.90	2.05
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	1.68	1.90	2.05
(=) Adjusted Dividend	2.36	2.59	2.73
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$56.38	$80.43	$121.23
Upside / Downside	-39.89%	-14.25%	29.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	197.71	210.56	224.24	238.82	254.34	270.88	279.00
Payout Ratio	23.06%	36.45%	49.84%	63.22%	76.61%	90.00%	92.50%
Projected Dividends (M)	45.59	76.74	111.75	150.99	194.86	243.79	258.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	69.16	69.82	70.47
Year 2 PV (M)	90.76	92.49	94.23
Year 3 PV (M)	110.50	113.68	116.91
Year 4 PV (M)	128.51	133.46	138.54
Year 5 PV (M)	144.90	151.89	159.16
PV of Terminal Value (M)	2,215.16	2,322.15	2,433.24
Equity Value (M)	2,758.99	2,883.48	3,012.55
Shares Outstanding (M)	66.89	66.89	66.89
Fair Value	$41.25	$43.11	$45.04
Upside / Downside	-56.03%	-54.04%	-51.98%

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Shenzhen Jdd Tech New Material Co Ltd (301538.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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