DDM Analysis: 300339.SZ

Valuation Snapshot

Stable Growth	$1.19 - $1.73	$1.45
Multi-Stage	$1.95 - $2.15	$2.05
Blended Fair Value	$1.75
Current Price	$60.60
Upside	-97.11%
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	-16.85%	-7.27%	0.04	0.04	0.05	0.06	0.07	0.09	0.10	0.09	0.07	0.04
YoY Growth	-	-	-13.33%	-17.03%	-7.42%	-22.34%	-23.10%	-8.82%	11.31%	33.20%	88.73%	-53.64%
Dividend Yield	-	-	0.07%	0.18%	0.20%	0.28%	0.82%	0.97%	0.72%	0.77%	0.48%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	129.00
(-) Cash Dividends Paid (M)	21.93
(=) Cash Retained (M)	107.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.80	16.13	9.68
Cash Retained (M)	107.07	107.07	107.07
(-) Cash Required (M)	-25.80	-16.13	-9.68
(=) Excess Retained (M)	81.27	90.95	97.40
(/) Shares Outstanding (M)	786.21	786.21	786.21
(=) Excess Retained per Share	0.10	0.12	0.12
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.10	0.12	0.12
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	8.79%	8.79%	8.79%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.19	$1.45	$1.73
Upside / Downside	-98.03%	-97.60%	-97.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	129.00	127.71	126.44	125.17	123.92	122.68	126.36
Payout Ratio	17.00%	31.60%	46.20%	60.80%	75.40%	90.00%	92.50%
Projected Dividends (M)	21.93	40.36	58.42	76.11	93.44	110.41	116.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.79%	8.79%	8.79%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	36.72	37.10	37.47
Year 2 PV (M)	48.36	49.36	50.36
Year 3 PV (M)	57.33	59.11	60.92
Year 4 PV (M)	64.05	66.70	69.44
Year 5 PV (M)	68.87	72.45	76.19
PV of Terminal Value (M)	1,258.81	1,324.36	1,392.61
Equity Value (M)	1,534.15	1,609.08	1,686.98
Shares Outstanding (M)	786.21	786.21	786.21
Fair Value	$1.95	$2.05	$2.15
Upside / Downside	-96.78%	-96.62%	-96.46%

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Jiangsu Hoperun Software Co., Ltd. (300339.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener