DDM Analysis: 601619.SS

Valuation Snapshot

Stable Growth	$22.59 - $52.89	$49.56
Multi-Stage	$7.91 - $8.65	$8.27
Blended Fair Value	$28.92
Current Price	$5.48
Upside	427.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.50%	5.13%	0.17	0.15	0.15	0.13	0.14	0.12	0.14	0.11	0.10	0.11
YoY Growth	-	-	13.55%	-2.11%	18.57%	-6.29%	10.92%	-13.26%	24.95%	12.43%	-10.70%	10.59%
Dividend Yield	-	-	4.80%	4.41%	3.55%	3.10%	3.84%	4.06%	2.46%	1.45%	5.64%	6.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	674.11
(-) Cash Dividends Paid (M)	378.67
(=) Cash Retained (M)	295.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	134.82	84.26	50.56
Cash Retained (M)	295.44	295.44	295.44
(-) Cash Required (M)	-134.82	-84.26	-50.56
(=) Excess Retained (M)	160.62	211.18	244.88
(/) Shares Outstanding (M)	2,534.84	2,534.84	2,534.84
(=) Excess Retained per Share	0.06	0.08	0.10
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.06	0.08	0.10
(=) Adjusted Dividend	0.21	0.23	0.25
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.59	$49.56	$52.89
Upside / Downside	312.27%	804.46%	865.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	674.11	717.93	764.59	814.29	867.22	923.59	951.30
Payout Ratio	56.17%	62.94%	69.70%	76.47%	83.23%	90.00%	92.50%
Projected Dividends (M)	378.67	451.85	532.95	622.68	721.83	831.23	879.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	420.32	424.30	428.28
Year 2 PV (M)	461.15	469.94	478.80
Year 3 PV (M)	501.19	515.58	530.24
Year 4 PV (M)	540.45	561.23	582.61
Year 5 PV (M)	578.92	606.88	635.92
PV of Terminal Value (M)	17,542.78	18,390.10	19,269.85
Equity Value (M)	20,044.81	20,968.04	21,925.71
Shares Outstanding (M)	2,534.84	2,534.84	2,534.84
Fair Value	$7.91	$8.27	$8.65
Upside / Downside	44.30%	50.95%	57.84%

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Ningxia Jiaze Renewables Corporation Limited (601619.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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