DDM Analysis: 301012.SZ

Valuation Snapshot

Stable Growth	$8.84 - $28.25	$14.26
Multi-Stage	$5.94 - $6.48	$6.20
Blended Fair Value	$10.23
Current Price	$24.50
Upside	-58.24%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2013
DPS	10.64%	0.00%	0.12	0.09	0.11	0.02	0.05	0.08	0.04	0.08	0.00	0.00
YoY Growth	-	-	44.97%	-20.59%	472.69%	-60.25%	-36.74%	72.03%	-44.91%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.65%	0.70%	0.58%	0.10%	0.19%	0.30%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.42
(-) Cash Dividends Paid (M)	26.66
(=) Cash Retained (M)	24.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.28	6.43	3.86
Cash Retained (M)	24.76	24.76	24.76
(-) Cash Required (M)	-10.28	-6.43	-3.86
(=) Excess Retained (M)	14.48	18.33	20.90
(/) Shares Outstanding (M)	155.02	155.02	155.02
(=) Excess Retained per Share	0.09	0.12	0.13
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.09	0.12	0.13
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.84	$14.26	$28.25
Upside / Downside	-63.93%	-41.80%	15.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.42	54.77	58.32	62.12	66.15	70.45	72.57
Payout Ratio	51.85%	59.48%	67.11%	74.74%	82.37%	90.00%	92.50%
Projected Dividends (M)	26.66	32.57	39.14	46.43	54.49	63.41	67.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.69	29.98	30.26
Year 2 PV (M)	32.53	33.15	33.77
Year 3 PV (M)	35.17	36.18	37.21
Year 4 PV (M)	37.63	39.08	40.57
Year 5 PV (M)	39.92	41.85	43.85
PV of Terminal Value (M)	745.57	781.58	818.97
Equity Value (M)	920.51	961.81	1,004.62
Shares Outstanding (M)	155.02	155.02	155.02
Fair Value	$5.94	$6.20	$6.48
Upside / Downside	-75.76%	-74.68%	-73.55%

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Jiangsu Yangdian Science & Technology Co. Ltd. (301012.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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