DDM Analysis: 603708.SS

Valuation Snapshot

Stable Growth	$39.71 - $46.79	$43.85
Multi-Stage	$64.39 - $70.75	$67.51
Blended Fair Value	$55.68
Current Price	$10.24
Upside	443.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.64%	6.51%	0.33	0.12	0.03	0.46	0.50	0.42	0.30	0.26	0.11	0.27
YoY Growth	-	-	164.65%	385.16%	-94.45%	-7.09%	19.01%	37.31%	17.82%	130.77%	-59.38%	57.09%
Dividend Yield	-	-	3.35%	1.19%	0.19%	3.60%	2.39%	1.29%	1.61%	1.61%	0.71%	2.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	149.68
(-) Cash Dividends Paid (M)	86.55
(=) Cash Retained (M)	63.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.94	18.71	11.23
Cash Retained (M)	63.13	63.13	63.13
(-) Cash Required (M)	-29.94	-18.71	-11.23
(=) Excess Retained (M)	33.19	44.42	51.90
(/) Shares Outstanding (M)	629.53	629.53	629.53
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	-14.81%	-14.81%	-14.81%
Growth Rate	4.38%	5.38%	6.38%
Fair Value	$39.71	$43.85	$46.79
Upside / Downside	287.77%	328.19%	356.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	149.68	157.73	166.21	175.16	184.58	194.51	200.35
Payout Ratio	57.83%	64.26%	70.70%	77.13%	83.57%	90.00%	92.50%
Projected Dividends (M)	86.55	101.36	117.51	135.10	154.25	175.06	185.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-14.81%	-14.81%	-14.81%
Growth Rate	4.38%	5.38%	6.38%
Year 1 PV (M)	117.86	118.98	120.11
Year 2 PV (M)	158.87	161.93	165.02
Year 3 PV (M)	212.39	218.56	224.84
Year 4 PV (M)	281.96	292.93	304.20
Year 5 PV (M)	372.11	390.28	409.15
PV of Terminal Value (M)	39,391.54	41,314.96	43,312.80
Equity Value (M)	40,534.73	42,497.64	44,536.12
Shares Outstanding (M)	629.53	629.53	629.53
Fair Value	$64.39	$67.51	$70.75
Upside / Downside	528.80%	559.25%	590.87%

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Jiajiayue Group Co., Ltd. (603708.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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