DDM Analysis: 002758.SZ

Valuation Snapshot

Stable Growth	$63.67 - $166.09	$155.65
Multi-Stage	$23.87 - $26.11	$24.97
Blended Fair Value	$90.31
Current Price	$8.89
Upside	915.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.56%	24.13%	0.47	0.46	0.44	0.34	0.17	0.10	0.03	0.03	0.03	0.03
YoY Growth	-	-	3.68%	2.91%	30.69%	104.07%	60.87%	221.57%	9.09%	-8.33%	0.00%	-41.00%
Dividend Yield	-	-	5.46%	4.50%	3.29%	2.17%	1.59%	1.00%	0.28%	0.27%	0.18%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	437.56
(-) Cash Dividends Paid (M)	202.60
(=) Cash Retained (M)	234.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.51	54.69	32.82
Cash Retained (M)	234.96	234.96	234.96
(-) Cash Required (M)	-87.51	-54.69	-32.82
(=) Excess Retained (M)	147.45	180.27	202.14
(/) Shares Outstanding (M)	523.92	523.92	523.92
(=) Excess Retained per Share	0.28	0.34	0.39
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.28	0.34	0.39
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$63.67	$155.65	$166.09
Upside / Downside	616.22%	1,650.90%	1,768.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	437.56	466.00	496.29	528.55	562.91	599.49	617.48
Payout Ratio	46.30%	55.04%	63.78%	72.52%	81.26%	90.00%	92.50%
Projected Dividends (M)	202.60	256.49	316.54	383.31	457.42	539.54	571.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	238.34	240.60	242.86
Year 2 PV (M)	273.31	278.52	283.78
Year 3 PV (M)	307.54	316.37	325.36
Year 4 PV (M)	341.02	354.14	367.63
Year 5 PV (M)	373.78	391.83	410.57
PV of Terminal Value (M)	10,969.73	11,499.58	12,049.70
Equity Value (M)	12,503.72	13,081.03	13,679.89
Shares Outstanding (M)	523.92	523.92	523.92
Fair Value	$23.87	$24.97	$26.11
Upside / Downside	168.46%	180.85%	193.71%

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ZJAMP Group Co., Ltd. (002758.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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