DDM Analysis: 000666.SZ

Valuation Snapshot

Stable Growth	$21.58 - $40.66	$29.32
Multi-Stage	$33.86 - $37.18	$35.48
Blended Fair Value	$32.40
Current Price	$9.37
Upside	245.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	-21.53%	10.70%	0.57	0.74	0.63	0.64	0.92	1.93	0.91	0.41	0.38	0.32
YoY Growth	-	-	-22.19%	17.88%	-2.37%	-30.14%	-52.44%	112.10%	121.79%	6.55%	21.00%	53.18%
Dividend Yield	-	-	6.12%	7.72%	8.10%	6.79%	6.35%	10.54%	3.96%	2.02%	1.86%	3.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,002.70
(-) Cash Dividends Paid (M)	402.83
(=) Cash Retained (M)	599.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	200.54	125.34	75.20
Cash Retained (M)	599.87	599.87	599.87
(-) Cash Required (M)	-200.54	-125.34	-75.20
(=) Excess Retained (M)	399.33	474.53	524.67
(/) Shares Outstanding (M)	704.23	704.23	704.23
(=) Excess Retained per Share	0.57	0.67	0.75
LTM Dividend per Share	0.57	0.57	0.57
(+) Excess Retained per Share	0.57	0.67	0.75
(=) Adjusted Dividend	1.14	1.25	1.32
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.20%	2.20%	3.20%
Fair Value	$21.58	$29.32	$40.66
Upside / Downside	130.26%	212.91%	333.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,002.70	1,024.73	1,047.24	1,070.25	1,093.76	1,117.79	1,151.33
Payout Ratio	40.17%	50.14%	60.10%	70.07%	80.03%	90.00%	92.50%
Projected Dividends (M)	402.83	513.79	629.44	749.92	875.39	1,006.01	1,064.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.20%	2.20%	3.20%
Year 1 PV (M)	477.54	482.26	486.98
Year 2 PV (M)	543.74	554.54	565.45
Year 3 PV (M)	602.10	620.13	638.51
Year 4 PV (M)	653.25	679.45	706.44
Year 5 PV (M)	697.75	732.91	769.47
PV of Terminal Value (M)	20,868.03	21,919.67	23,013.29
Equity Value (M)	23,842.41	24,988.96	26,180.13
Shares Outstanding (M)	704.23	704.23	704.23
Fair Value	$33.86	$35.48	$37.18
Upside / Downside	261.32%	278.70%	296.75%

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Jingwei Textile Machinery Company Limited (000666.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener