DDM Analysis: 300160.SZ

Valuation Snapshot

Stable Growth	$24.12 - $53.69	$50.32
Multi-Stage	$8.04 - $8.81	$8.42
Blended Fair Value	$29.37
Current Price	$5.75
Upside	410.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.44%	17.56%	0.10	0.11	0.09	0.01	0.17	0.02	0.20	0.06	0.04	0.02
YoY Growth	-	-	-6.22%	27.39%	837.19%	-94.73%	617.32%	-87.83%	225.19%	71.36%	46.52%	19.98%
Dividend Yield	-	-	1.88%	2.12%	1.13%	0.12%	2.62%	0.36%	4.51%	0.91%	0.29%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	208.67
(-) Cash Dividends Paid (M)	77.73
(=) Cash Retained (M)	130.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.73	26.08	15.65
Cash Retained (M)	130.94	130.94	130.94
(-) Cash Required (M)	-41.73	-26.08	-15.65
(=) Excess Retained (M)	89.21	104.86	115.29
(/) Shares Outstanding (M)	772.95	772.95	772.95
(=) Excess Retained per Share	0.12	0.14	0.15
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.12	0.14	0.15
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$24.12	$50.32	$53.69
Upside / Downside	319.49%	775.05%	833.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	208.67	222.24	236.68	252.07	268.45	285.90	294.48
Payout Ratio	37.25%	47.80%	58.35%	68.90%	79.45%	90.00%	92.50%
Projected Dividends (M)	77.73	106.23	138.10	173.67	213.28	257.31	272.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	98.86	99.80	100.73
Year 2 PV (M)	119.61	121.89	124.19
Year 3 PV (M)	139.98	144.00	148.09
Year 4 PV (M)	159.98	166.13	172.46
Year 5 PV (M)	179.62	188.29	197.30
PV of Terminal Value (M)	5,520.02	5,786.64	6,063.47
Equity Value (M)	6,218.07	6,506.75	6,806.24
Shares Outstanding (M)	772.95	772.95	772.95
Fair Value	$8.04	$8.42	$8.81
Upside / Downside	39.91%	46.40%	53.14%

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Jiangsu Xiuqiang Glasswork Co., Ltd. (300160.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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