DDM Analysis: 603816.SS

Valuation Snapshot

Stable Growth	$39.79 - $90.29	$57.84
Multi-Stage	$27.90 - $30.51	$29.18
Blended Fair Value	$43.51
Current Price	$30.17
Upside	44.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.35%	13.70%	1.37	1.24	1.09	0.66	0.90	0.62	0.54	0.36	0.20	0.60
YoY Growth	-	-	10.66%	14.02%	63.45%	-26.28%	46.38%	14.06%	50.13%	82.37%	-67.00%	57.50%
Dividend Yield	-	-	5.34%	3.31%	2.68%	1.41%	1.45%	2.28%	1.58%	1.03%	0.72%	3.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,596.43
(-) Cash Dividends Paid (M)	79.42
(=) Cash Retained (M)	1,517.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	319.29	199.55	119.73
Cash Retained (M)	1,517.01	1,517.01	1,517.01
(-) Cash Required (M)	-319.29	-199.55	-119.73
(=) Excess Retained (M)	1,197.73	1,317.46	1,397.28
(/) Shares Outstanding (M)	814.07	814.07	814.07
(=) Excess Retained per Share	1.47	1.62	1.72
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	1.47	1.62	1.72
(=) Adjusted Dividend	1.57	1.72	1.81
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.79	$57.84	$90.29
Upside / Downside	31.89%	91.70%	199.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,596.43	1,700.20	1,810.71	1,928.41	2,053.75	2,187.25	2,252.87
Payout Ratio	4.97%	21.98%	38.98%	55.99%	72.99%	90.00%	92.50%
Projected Dividends (M)	79.42	373.70	705.90	1,079.71	1,499.14	1,968.52	2,083.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	337.58	340.78	343.98
Year 2 PV (M)	576.05	587.02	598.09
Year 3 PV (M)	795.93	818.78	842.06
Year 4 PV (M)	998.31	1,036.70	1,076.19
Year 5 PV (M)	1,184.19	1,241.38	1,300.77
PV of Terminal Value (M)	18,823.60	19,732.78	20,676.77
Equity Value (M)	22,715.65	23,757.45	24,837.86
Shares Outstanding (M)	814.07	814.07	814.07
Fair Value	$27.90	$29.18	$30.51
Upside / Downside	-7.51%	-3.27%	1.13%

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Jason Furniture (Hangzhou) Co.,Ltd. (603816.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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