DDM Analysis: 603617.SS

Valuation Snapshot

Stable Growth	$4.53 - $24.20	$8.94
Multi-Stage	$2.67 - $2.92	$2.79
Blended Fair Value	$5.87
Current Price	$7.89
Upside	-25.64%
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	-1.32%	26.31%	0.06	0.07	0.14	0.17	0.07	0.07	0.06	0.04	0.01	0.12
YoY Growth	-	-	-3.82%	-51.29%	-20.05%	141.91%	3.29%	13.51%	43.17%	408.02%	-92.71%	1,735.58%
Dividend Yield	-	-	0.88%	1.00%	1.62%	1.67%	0.95%	0.92%	0.84%	0.53%	0.18%	2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48.40
(-) Cash Dividends Paid (M)	38.36
(=) Cash Retained (M)	10.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.68	6.05	3.63
Cash Retained (M)	10.04	10.04	10.04
(-) Cash Required (M)	-9.68	-6.05	-3.63
(=) Excess Retained (M)	0.36	3.99	6.41
(/) Shares Outstanding (M)	397.78	397.78	397.78
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.53	$8.94	$24.20
Upside / Downside	-42.62%	13.31%	206.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48.40	51.54	54.89	58.46	62.26	66.31	68.30
Payout Ratio	79.26%	81.41%	83.55%	85.70%	87.85%	90.00%	92.50%
Projected Dividends (M)	38.36	41.96	45.87	50.10	54.70	59.68	63.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38.57	38.93	39.30
Year 2 PV (M)	38.75	39.49	40.24
Year 3 PV (M)	38.91	40.03	41.17
Year 4 PV (M)	39.05	40.55	42.10
Year 5 PV (M)	39.16	41.05	43.02
PV of Terminal Value (M)	869.47	911.47	955.07
Equity Value (M)	1,063.92	1,111.53	1,160.89
Shares Outstanding (M)	397.78	397.78	397.78
Fair Value	$2.67	$2.79	$2.92
Upside / Downside	-66.10%	-64.58%	-63.01%

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Junhe Pumps Holding Co., Ltd (603617.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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