DDM Analysis: 301181.SZ

Valuation Snapshot

Stable Growth	$166.93 - $196.95	$184.44
Multi-Stage	$105.16 - $116.19	$110.56
Blended Fair Value	$147.50
Current Price	$31.15
Upside	373.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	29.22%	0.00%	0.66	0.47	0.47	0.00	0.82	0.18	0.01	0.24	0.00	0.00
YoY Growth	-	-	40.69%	0.00%	31,027.33%	-99.82%	351.82%	1,904.42%	-96.29%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.70%	1.98%	1.50%	0.01%	2.32%	0.51%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	123.26
(-) Cash Dividends Paid (M)	58.28
(=) Cash Retained (M)	64.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.65	15.41	9.24
Cash Retained (M)	64.98	64.98	64.98
(-) Cash Required (M)	-24.65	-15.41	-9.24
(=) Excess Retained (M)	40.33	49.58	55.74
(/) Shares Outstanding (M)	115.78	115.78	115.78
(=) Excess Retained per Share	0.35	0.43	0.48
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.35	0.43	0.48
(=) Adjusted Dividend	0.85	0.93	0.98
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$166.93	$184.44	$196.95
Upside / Downside	435.89%	492.11%	532.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	123.26	122.03	120.81	119.60	118.40	117.22	120.74
Payout Ratio	47.28%	55.82%	64.37%	72.91%	81.46%	90.00%	92.50%
Projected Dividends (M)	58.28	68.12	77.76	87.20	96.45	105.50	111.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.97%	-1.97%	-1.97%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	68.79	69.49	70.19
Year 2 PV (M)	79.29	80.92	82.56
Year 3 PV (M)	89.79	92.57	95.40
Year 4 PV (M)	100.28	104.44	108.72
Year 5 PV (M)	110.77	116.54	122.54
PV of Terminal Value (M)	11,726.29	12,336.91	12,972.70
Equity Value (M)	12,175.22	12,800.86	13,452.12
Shares Outstanding (M)	115.78	115.78	115.78
Fair Value	$105.16	$110.56	$116.19
Upside / Downside	237.58%	254.93%	272.99%

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Jiangyin Pivot Automotive Products Co., Ltd. (301181.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener