DDM Analysis: 603980.SS

Valuation Snapshot

Stable Growth	$0.30 - $0.40	$0.36
Multi-Stage	$1.06 - $1.18	$1.12
Blended Fair Value	$0.74
Current Price	$5.66
Upside	-86.98%
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	-24.18%	-15.98%	0.07	0.09	0.16	0.17	0.51	0.28	0.18	0.29	0.29	0.06
YoY Growth	-	-	-20.56%	-44.78%	-7.51%	-66.07%	81.99%	54.27%	-37.50%	0.00%	427.34%	-86.24%
Dividend Yield	-	-	1.56%	2.31%	3.39%	2.92%	7.98%	3.91%	1.48%	2.19%	1.65%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.56
(-) Cash Dividends Paid (M)	52.44
(=) Cash Retained (M)	4.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.31	7.07	4.24
Cash Retained (M)	4.12	4.12	4.12
(-) Cash Required (M)	-11.31	-7.07	-4.24
(=) Excess Retained (M)	-7.20	-2.95	-0.13
(/) Shares Outstanding (M)	685.14	685.14	685.14
(=) Excess Retained per Share	-0.01	0.00	0.00
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	-0.01	0.00	0.00
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-12.50%	-11.50%	-10.50%
Fair Value	$0.30	$0.36	$0.40
Upside / Downside	-94.62%	-93.72%	-92.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.56	50.05	44.30	39.20	34.69	30.70	31.62
Payout Ratio	92.72%	92.18%	91.63%	91.09%	90.54%	90.00%	92.50%
Projected Dividends (M)	52.44	46.14	40.59	35.71	31.41	27.63	29.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-12.50%	-11.50%	-10.50%
Year 1 PV (M)	42.84	43.33	43.82
Year 2 PV (M)	34.99	35.80	36.61
Year 3 PV (M)	28.58	29.57	30.59
Year 4 PV (M)	23.35	24.43	25.55
Year 5 PV (M)	19.07	20.18	21.35
PV of Terminal Value (M)	579.06	612.92	648.34
Equity Value (M)	727.89	766.23	806.26
Shares Outstanding (M)	685.14	685.14	685.14
Fair Value	$1.06	$1.12	$1.18
Upside / Downside	-81.23%	-80.24%	-79.21%

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Zhejiang Jihua Group Co., Ltd. (603980.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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