DDM Analysis: 688676.SS

Valuation Snapshot

Stable Growth	$246.18 - $290.04	$271.81
Multi-Stage	$172.13 - $188.88	$180.35
Blended Fair Value	$226.08
Current Price	$52.90
Upside	327.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	42.77%	0.00%	0.53	0.28	0.23	0.22	0.10	0.09	0.10	0.49	0.00	0.00
YoY Growth	-	-	86.53%	22.99%	3.89%	126.11%	10.07%	-8.47%	-80.33%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.33%	0.67%	0.67%	1.11%	0.59%	0.37%	0.40%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	656.28
(-) Cash Dividends Paid (M)	259.70
(=) Cash Retained (M)	396.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	131.26	82.03	49.22
Cash Retained (M)	396.57	396.57	396.57
(-) Cash Required (M)	-131.26	-82.03	-49.22
(=) Excess Retained (M)	265.32	314.54	347.35
(/) Shares Outstanding (M)	449.99	449.99	449.99
(=) Excess Retained per Share	0.59	0.70	0.77
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.59	0.70	0.77
(=) Adjusted Dividend	1.17	1.28	1.35
WACC / Discount Rate	1.77%	1.77%	1.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$246.18	$271.81	$290.04
Upside / Downside	365.37%	413.82%	448.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	656.28	698.93	744.37	792.75	844.28	899.16	926.13
Payout Ratio	39.57%	49.66%	59.74%	69.83%	79.91%	90.00%	92.50%
Projected Dividends (M)	259.70	347.08	444.71	553.57	674.70	809.24	856.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.77%	1.77%	1.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	337.85	341.05	344.26
Year 2 PV (M)	421.39	429.41	437.51
Year 3 PV (M)	510.59	525.25	540.19
Year 4 PV (M)	605.78	629.08	653.04
Year 5 PV (M)	707.27	741.43	776.90
PV of Terminal Value (M)	74,872.20	78,488.56	82,243.32
Equity Value (M)	77,455.08	81,154.78	84,995.22
Shares Outstanding (M)	449.99	449.99	449.99
Fair Value	$172.13	$180.35	$188.88
Upside / Downside	225.38%	240.92%	257.05%

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Hainan Jinpan Smart Technology Co., Ltd. (688676.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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