DDM Analysis: 603337.SS

Valuation Snapshot

Stable Growth	$155.53 - $380.92	$356.98
Multi-Stage	$55.75 - $61.00	$58.32
Blended Fair Value	$207.65
Current Price	$47.57
Upside	336.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.68%	31.32%	0.89	0.43	0.47	0.32	0.17	0.38	0.22	0.15	0.30	0.07
YoY Growth	-	-	106.46%	-8.92%	46.02%	89.60%	-54.77%	70.18%	45.74%	-49.20%	342.11%	16.26%
Dividend Yield	-	-	2.73%	1.95%	2.35%	1.37%	0.50%	2.18%	0.75%	0.63%	1.83%	0.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	874.58
(-) Cash Dividends Paid (M)	387.31
(=) Cash Retained (M)	487.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	174.92	109.32	65.59
Cash Retained (M)	487.27	487.27	487.27
(-) Cash Required (M)	-174.92	-109.32	-65.59
(=) Excess Retained (M)	312.35	377.95	421.67
(/) Shares Outstanding (M)	456.61	456.61	456.61
(=) Excess Retained per Share	0.68	0.83	0.92
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	0.68	0.83	0.92
(=) Adjusted Dividend	1.53	1.68	1.77
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$155.53	$356.98	$380.92
Upside / Downside	226.95%	650.42%	700.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	874.58	931.43	991.97	1,056.45	1,125.12	1,198.25	1,234.20
Payout Ratio	44.29%	53.43%	62.57%	71.71%	80.86%	90.00%	92.50%
Projected Dividends (M)	387.31	497.65	620.69	757.62	909.74	1,078.42	1,141.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	462.71	467.10	471.49
Year 2 PV (M)	536.61	546.83	557.15
Year 3 PV (M)	609.02	626.50	644.32
Year 4 PV (M)	679.96	706.11	733.01
Year 5 PV (M)	749.47	785.67	823.25
PV of Terminal Value (M)	22,416.17	23,498.87	24,623.02
Equity Value (M)	25,453.94	26,631.08	27,852.23
Shares Outstanding (M)	456.61	456.61	456.61
Fair Value	$55.75	$58.32	$61.00
Upside / Downside	17.19%	22.61%	28.23%

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Jack Technology Co.,Ltd (603337.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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