DDM Analysis: 301021.SZ

Valuation Snapshot

Stable Growth	$1.88 - $2.66	$2.26
Multi-Stage	$2.88 - $3.16	$3.02
Blended Fair Value	$2.64
Current Price	$39.48
Upside	-93.31%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-43.00%	0.00%	0.00	0.10	0.12	0.01	0.04	0.03	0.05	0.04	0.01	0.00
YoY Growth	-	-	-97.98%	-16.74%	1,082.40%	-72.65%	10.44%	-25.12%	2.92%	242.40%	0.00%	0.00%
Dividend Yield	-	-	0.01%	0.52%	0.45%	0.03%	0.08%	0.07%	0.10%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.06
(-) Cash Dividends Paid (M)	15.58
(=) Cash Retained (M)	27.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.61	5.38	3.23
Cash Retained (M)	27.48	27.48	27.48
(-) Cash Required (M)	-8.61	-5.38	-3.23
(=) Excess Retained (M)	18.87	22.09	24.25
(/) Shares Outstanding (M)	150.92	150.92	150.92
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.88	$2.26	$2.66
Upside / Downside	-95.25%	-94.27%	-93.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.06	42.63	42.20	41.78	41.36	40.95	42.18
Payout Ratio	36.19%	46.95%	57.71%	68.48%	79.24%	90.00%	92.50%
Projected Dividends (M)	15.58	20.02	24.36	28.61	32.78	36.86	39.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	18.02	18.21	18.39
Year 2 PV (M)	19.75	20.16	20.57
Year 3 PV (M)	20.89	21.54	22.20
Year 4 PV (M)	21.55	22.44	23.36
Year 5 PV (M)	21.82	22.96	24.14
PV of Terminal Value (M)	333.36	350.72	368.80
Equity Value (M)	435.40	456.03	477.46
Shares Outstanding (M)	150.92	150.92	150.92
Fair Value	$2.88	$3.02	$3.16
Upside / Downside	-92.69%	-92.35%	-91.99%

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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Inno Laser Technology Co., Ltd. (301021.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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