DDM Analysis: 002748.SZ

Valuation Snapshot

Stable Growth	$28.57 - $33.70	$31.56
Multi-Stage	$49.79 - $54.95	$52.32
Blended Fair Value	$41.94
Current Price	$9.84
Upside	326.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.60%	-4.00%	0.15	0.06	0.06	0.10	0.17	0.15	0.22	0.15	0.04	0.10
YoY Growth	-	-	160.93%	-8.75%	-33.88%	-41.87%	12.58%	-32.70%	43.00%	282.14%	-59.36%	-56.81%
Dividend Yield	-	-	2.00%	0.69%	0.58%	0.76%	3.13%	2.14%	2.47%	1.20%	0.18%	0.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.11
(-) Cash Dividends Paid (M)	38.40
(=) Cash Retained (M)	4.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.62	5.39	3.23
Cash Retained (M)	4.70	4.70	4.70
(-) Cash Required (M)	-8.62	-5.39	-3.23
(=) Excess Retained (M)	-3.92	-0.68	1.47
(/) Shares Outstanding (M)	240.04	240.04	240.04
(=) Excess Retained per Share	-0.02	0.00	0.01
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	-0.02	0.00	0.01
(=) Adjusted Dividend	0.14	0.16	0.17
WACC / Discount Rate	-19.19%	-19.19%	-19.19%
Growth Rate	-0.58%	0.42%	1.42%
Fair Value	$28.57	$31.56	$33.70
Upside / Downside	190.32%	220.73%	242.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.11	43.29	43.47	43.66	43.84	44.03	45.35
Payout Ratio	89.09%	89.27%	89.45%	89.64%	89.82%	90.00%	92.50%
Projected Dividends (M)	38.40	38.65	38.89	39.13	39.38	39.62	41.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-19.19%	-19.19%	-19.19%
Growth Rate	-0.58%	0.42%	1.42%
Year 1 PV (M)	47.34	47.82	48.30
Year 2 PV (M)	58.36	59.54	60.74
Year 3 PV (M)	71.95	74.14	76.38
Year 4 PV (M)	88.70	92.32	96.05
Year 5 PV (M)	109.34	114.96	120.79
PV of Terminal Value (M)	11,575.36	12,169.32	12,787.42
Equity Value (M)	11,951.07	12,558.11	13,189.68
Shares Outstanding (M)	240.04	240.04	240.04
Fair Value	$49.79	$52.32	$54.95
Upside / Downside	405.97%	431.67%	458.41%

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Jiangxi Selon Industrial Co., Ltd. (002748.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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