DDM Analysis: 002515.SZ

Valuation Snapshot

Stable Growth	$0.52 - $0.85	$0.66
Multi-Stage	$0.58 - $0.63	$0.61
Blended Fair Value	$0.64
Current Price	$7.67
Upside	-91.71%
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	0.00%	10.77%	0.02	0.02	0.02	0.02	0.04	0.00	0.00	0.00	0.01	0.01
YoY Growth	-	-	25.53%	-14.53%	-18.69%	-46.00%	0.00%	-100.00%	0.00%	-100.00%	11.33%	82.95%
Dividend Yield	-	-	0.37%	0.34%	0.42%	0.47%	0.89%	0.00%	0.01%	0.00%	0.15%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.34
(-) Cash Dividends Paid (M)	36.24
(=) Cash Retained (M)	18.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.87	6.79	4.08
Cash Retained (M)	18.09	18.09	18.09
(-) Cash Required (M)	-10.87	-6.79	-4.08
(=) Excess Retained (M)	7.23	11.30	14.02
(/) Shares Outstanding (M)	1,220.39	1,220.39	1,220.39
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.04	0.04	0.04
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	2.91%	3.91%	4.91%
Fair Value	$0.52	$0.66	$0.85
Upside / Downside	-93.26%	-91.33%	-88.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.34	56.46	58.67	60.97	63.35	65.83	67.80
Payout Ratio	66.70%	71.36%	76.02%	80.68%	85.34%	90.00%	92.50%
Projected Dividends (M)	36.24	40.29	44.60	49.19	54.06	59.24	62.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	2.91%	3.91%	4.91%
Year 1 PV (M)	36.28	36.63	36.98
Year 2 PV (M)	36.16	36.86	37.57
Year 3 PV (M)	35.90	36.96	38.03
Year 4 PV (M)	35.52	36.93	38.37
Year 5 PV (M)	35.05	36.79	38.59
PV of Terminal Value (M)	530.06	556.32	583.61
Equity Value (M)	708.97	740.48	773.16
Shares Outstanding (M)	1,220.39	1,220.39	1,220.39
Fair Value	$0.58	$0.61	$0.63
Upside / Downside	-92.43%	-92.09%	-91.74%

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Jinzi Ham Co.,Ltd. (002515.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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