DDM Analysis: 300877.SZ

Valuation Snapshot

Stable Growth	$15.63 - $34.88	$22.59
Multi-Stage	$11.20 - $12.23	$11.70
Blended Fair Value	$17.15
Current Price	$29.06
Upside	-40.99%
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	20.26%	11.67%	0.13	0.04	0.25	0.75	0.02	0.05	0.08	0.03	0.00	0.11
YoY Growth	-	-	191.36%	-82.12%	-66.54%	3,798.85%	-62.97%	-36.11%	159.88%	0.00%	-100.00%	145.04%
Dividend Yield	-	-	0.95%	0.31%	1.49%	3.57%	0.04%	0.09%	0.14%	0.00%	0.00%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92.16
(-) Cash Dividends Paid (M)	15.65
(=) Cash Retained (M)	76.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.43	11.52	6.91
Cash Retained (M)	76.51	76.51	76.51
(-) Cash Required (M)	-18.43	-11.52	-6.91
(=) Excess Retained (M)	58.08	64.99	69.60
(/) Shares Outstanding (M)	117.46	117.46	117.46
(=) Excess Retained per Share	0.49	0.55	0.59
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.49	0.55	0.59
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	9.74%	9.74%	9.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.63	$22.59	$34.88
Upside / Downside	-46.21%	-22.26%	20.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92.16	98.15	104.53	111.32	118.56	126.27	130.05
Payout Ratio	16.98%	31.58%	46.19%	60.79%	75.40%	90.00%	92.50%
Projected Dividends (M)	15.65	31.00	48.28	67.68	89.39	113.64	120.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.74%	9.74%	9.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27.98	28.25	28.51
Year 2 PV (M)	39.34	40.09	40.85
Year 3 PV (M)	49.78	51.21	52.67
Year 4 PV (M)	59.36	61.64	63.99
Year 5 PV (M)	68.12	71.41	74.83
PV of Terminal Value (M)	1,070.51	1,122.21	1,175.90
Equity Value (M)	1,315.10	1,374.82	1,436.75
Shares Outstanding (M)	117.46	117.46	117.46
Fair Value	$11.20	$11.70	$12.23
Upside / Downside	-61.47%	-59.72%	-57.91%

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AnHui Jinchun Nonwoven Co., Ltd. (300877.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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