DDM Analysis: 300697.SZ

Valuation Snapshot

Stable Growth	$6.74 - $12.29	$9.04
Multi-Stage	$7.53 - $8.24	$7.87
Blended Fair Value	$8.46
Current Price	$18.91
Upside	-55.27%
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	3.68%	4.83%	0.22	0.20	0.19	0.27	0.20	0.18	0.09	0.00	0.06	0.06
YoY Growth	-	-	10.73%	3.93%	-30.04%	37.88%	7.93%	107.78%	0.00%	-100.00%	-0.34%	-59.71%
Dividend Yield	-	-	1.82%	2.12%	2.35%	3.34%	2.27%	2.76%	1.43%	0.00%	1.05%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	166.07
(-) Cash Dividends Paid (M)	68.04
(=) Cash Retained (M)	98.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.21	20.76	12.46
Cash Retained (M)	98.04	98.04	98.04
(-) Cash Required (M)	-33.21	-20.76	-12.46
(=) Excess Retained (M)	64.82	77.28	85.58
(/) Shares Outstanding (M)	358.25	358.25	358.25
(=) Excess Retained per Share	0.18	0.22	0.24
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.18	0.22	0.24
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	8.49%	8.49%	8.49%
Growth Rate	2.83%	3.83%	4.83%
Fair Value	$6.74	$9.04	$12.29
Upside / Downside	-64.35%	-52.18%	-35.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	166.07	172.44	179.05	185.92	193.05	200.45	206.46
Payout Ratio	40.97%	50.77%	60.58%	70.39%	80.19%	90.00%	92.50%
Projected Dividends (M)	68.04	87.56	108.47	130.86	154.81	180.40	190.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.49%	8.49%	8.49%
Growth Rate	2.83%	3.83%	4.83%
Year 1 PV (M)	79.93	80.70	81.48
Year 2 PV (M)	90.39	92.16	93.94
Year 3 PV (M)	99.55	102.48	105.47
Year 4 PV (M)	107.50	111.74	116.11
Year 5 PV (M)	114.35	120.02	125.92
PV of Terminal Value (M)	2,204.51	2,313.81	2,427.39
Equity Value (M)	2,696.23	2,820.91	2,950.31
Shares Outstanding (M)	358.25	358.25	358.25
Fair Value	$7.53	$7.87	$8.24
Upside / Downside	-60.20%	-58.36%	-56.45%

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Jiangyin Electrical Alloy Co.,Ltd (300697.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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