DDM Analysis: 600872.SS

Valuation Snapshot

Stable Growth	$10.56 - $17.40	$13.60
Multi-Stage	$11.70 - $12.83	$12.25
Blended Fair Value	$12.92
Current Price	$18.36
Upside	-29.61%
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	3.97%	16.22%	0.38	0.00	0.30	0.70	0.29	0.31	0.19	0.14	0.10	0.11
YoY Growth	-	-	36,830.57%	-99.66%	-57.30%	142.86%	-6.61%	66.56%	28.57%	40.00%	-9.09%	35.80%
Dividend Yield	-	-	1.83%	0.00%	0.81%	2.50%	0.60%	0.65%	0.51%	0.62%	0.65%	0.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	696.75
(-) Cash Dividends Paid (M)	13.41
(=) Cash Retained (M)	683.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	139.35	87.09	52.26
Cash Retained (M)	683.34	683.34	683.34
(-) Cash Required (M)	-139.35	-87.09	-52.26
(=) Excess Retained (M)	543.99	596.24	631.08
(/) Shares Outstanding (M)	769.98	769.98	769.98
(=) Excess Retained per Share	0.71	0.77	0.82
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.71	0.77	0.82
(=) Adjusted Dividend	0.72	0.79	0.84
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	2.33%	3.33%	4.33%
Fair Value	$10.56	$13.60	$17.40
Upside / Downside	-42.50%	-25.95%	-5.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	696.75	719.98	743.97	768.77	794.40	820.88	845.50
Payout Ratio	1.93%	19.54%	37.16%	54.77%	72.39%	90.00%	92.50%
Projected Dividends (M)	13.41	140.68	276.42	421.06	575.03	738.79	782.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	2.33%	3.33%	4.33%
Year 1 PV (M)	127.41	128.65	129.90
Year 2 PV (M)	226.72	231.17	235.67
Year 3 PV (M)	312.75	322.01	331.45
Year 4 PV (M)	386.81	402.16	417.95
Year 5 PV (M)	450.08	472.50	495.81
PV of Terminal Value (M)	7,502.06	7,875.85	8,264.38
Equity Value (M)	9,005.84	9,432.34	9,875.17
Shares Outstanding (M)	769.98	769.98	769.98
Fair Value	$11.70	$12.25	$12.83
Upside / Downside	-36.30%	-33.28%	-30.15%

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Jonjee Hi-tech Industrial & Commercial Holding Co., Ltd. (600872.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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