DDM Analysis: 603299.SS

Valuation Snapshot

Stable Growth	$66.05 - $133.35	$124.97
Multi-Stage	$20.99 - $22.95	$21.95
Blended Fair Value	$73.46
Current Price	$10.66
Upside	589.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.81%	6.80%	0.48	0.46	0.22	0.13	0.18	0.16	0.18	0.14	0.17	0.18
YoY Growth	-	-	4.75%	106.86%	75.60%	-30.90%	15.17%	-10.56%	26.09%	-18.86%	-5.60%	-26.18%
Dividend Yield	-	-	4.39%	4.99%	2.15%	1.50%	2.43%	2.61%	2.64%	1.29%	1.27%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	523.48
(-) Cash Dividends Paid (M)	378.72
(=) Cash Retained (M)	144.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	104.70	65.43	39.26
Cash Retained (M)	144.76	144.76	144.76
(-) Cash Required (M)	-104.70	-65.43	-39.26
(=) Excess Retained (M)	40.07	79.33	105.50
(/) Shares Outstanding (M)	780.68	780.68	780.68
(=) Excess Retained per Share	0.05	0.10	0.14
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	0.05	0.10	0.14
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$66.05	$124.97	$133.35
Upside / Downside	519.59%	1,072.34%	1,150.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	523.48	557.50	593.74	632.33	673.43	717.21	738.72
Payout Ratio	72.35%	75.88%	79.41%	82.94%	86.47%	90.00%	92.50%
Projected Dividends (M)	378.72	423.02	471.47	524.45	582.31	645.49	683.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	394.00	397.73	401.47
Year 2 PV (M)	409.01	416.80	424.66
Year 3 PV (M)	423.75	435.92	448.31
Year 4 PV (M)	438.23	455.09	472.42
Year 5 PV (M)	452.45	474.31	497.00
PV of Terminal Value (M)	14,268.48	14,957.65	15,673.20
Equity Value (M)	16,385.92	17,137.49	17,917.06
Shares Outstanding (M)	780.68	780.68	780.68
Fair Value	$20.99	$21.95	$22.95
Upside / Downside	96.90%	105.93%	115.30%

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Jiang Su Suyan Jingshen Co.,Ltd. (603299.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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