DDM Analysis: 603948.SS

Valuation Snapshot

Stable Growth	$119.72 - $269.73	$252.78
Multi-Stage	$42.41 - $46.37	$44.36
Blended Fair Value	$148.57
Current Price	$25.36
Upside	485.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	114.22%	0.00%	1.01	1.94	0.55	0.20	0.25	0.02	0.37	0.08	0.10	0.15
YoY Growth	-	-	-47.92%	254.52%	175.00%	-20.59%	1,018.81%	-93.96%	341.65%	-16.44%	-31.99%	0.00%
Dividend Yield	-	-	5.59%	9.01%	2.44%	0.69%	1.39%	0.09%	1.81%	0.41%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	218.47
(-) Cash Dividends Paid (M)	164.54
(=) Cash Retained (M)	53.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.69	27.31	16.39
Cash Retained (M)	53.93	53.93	53.93
(-) Cash Required (M)	-43.69	-27.31	-16.39
(=) Excess Retained (M)	10.24	26.62	37.54
(/) Shares Outstanding (M)	160.92	160.92	160.92
(=) Excess Retained per Share	0.06	0.17	0.23
LTM Dividend per Share	1.02	1.02	1.02
(+) Excess Retained per Share	0.06	0.17	0.23
(=) Adjusted Dividend	1.09	1.19	1.26
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.40%	6.40%	7.40%
Fair Value	$119.72	$252.78	$269.73
Upside / Downside	372.08%	896.76%	963.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	218.47	232.45	247.32	263.14	279.98	297.89	306.83
Payout Ratio	75.31%	78.25%	81.19%	84.13%	87.06%	90.00%	92.50%
Projected Dividends (M)	164.54	181.89	200.80	221.37	243.76	268.11	283.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.40%	6.40%	7.40%
Year 1 PV (M)	169.42	171.03	172.63
Year 2 PV (M)	174.20	177.52	180.87
Year 3 PV (M)	178.88	184.02	189.25
Year 4 PV (M)	183.46	190.52	197.78
Year 5 PV (M)	187.94	197.03	206.46
PV of Terminal Value (M)	5,931.15	6,217.91	6,515.65
Equity Value (M)	6,825.04	7,138.02	7,462.66
Shares Outstanding (M)	160.92	160.92	160.92
Fair Value	$42.41	$44.36	$46.37
Upside / Downside	67.24%	74.91%	82.86%

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Zhejiang Jianye Chemical Co., Ltd. (603948.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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