DDM Analysis: 300421.SZ

Valuation Snapshot

Stable Growth	$3.69 - $8.03	$5.29
Multi-Stage	$2.86 - $3.12	$2.99
Blended Fair Value	$4.14
Current Price	$19.03
Upside	-78.27%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.95%	10.62%	0.14	0.35	0.14	0.10	0.09	0.19	0.28	0.20	0.14	0.21
YoY Growth	-	-	-60.74%	143.38%	46.12%	9.17%	-51.74%	-32.57%	41.97%	42.63%	-33.32%	309.39%
Dividend Yield	-	-	0.76%	3.82%	1.46%	1.05%	0.97%	3.94%	3.37%	2.45%	1.01%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.16
(-) Cash Dividends Paid (M)	37.29
(=) Cash Retained (M)	18.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.23	7.02	4.21
Cash Retained (M)	18.87	18.87	18.87
(-) Cash Required (M)	-11.23	-7.02	-4.21
(=) Excess Retained (M)	7.64	11.85	14.66
(/) Shares Outstanding (M)	293.96	293.96	293.96
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.15	0.17	0.18
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	5.45%	6.45%	7.45%
Fair Value	$3.69	$5.29	$8.03
Upside / Downside	-80.60%	-72.22%	-57.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.16	59.78	63.64	67.74	72.11	76.76	79.06
Payout Ratio	66.39%	71.11%	75.84%	80.56%	85.28%	90.00%	92.50%
Projected Dividends (M)	37.29	42.51	48.26	54.57	61.49	69.08	73.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	5.45%	6.45%	7.45%
Year 1 PV (M)	38.35	38.71	39.08
Year 2 PV (M)	39.27	40.02	40.77
Year 3 PV (M)	40.06	41.21	42.38
Year 4 PV (M)	40.72	42.29	43.90
Year 5 PV (M)	41.27	43.26	45.33
PV of Terminal Value (M)	641.09	672.07	704.24
Equity Value (M)	840.76	877.56	915.70
Shares Outstanding (M)	293.96	293.96	293.96
Fair Value	$2.86	$2.99	$3.12
Upside / Downside	-84.97%	-84.31%	-83.63%

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Jiangsu LiXing General Steel Ball Co.,Ltd. (300421.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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