DDM Analysis: 603117.SS

Valuation Snapshot

Stable Growth	$0.02 - $0.03	$0.02
Multi-Stage	$0.04 - $0.05	$0.04
Blended Fair Value	$0.03
Current Price	$5.39
Upside	-99.37%
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	-46.65%	-25.83%	0.01	0.01	0.01	0.12	0.19	0.18	0.18	0.22	0.21	0.14
YoY Growth	-	-	17.90%	-31.34%	-91.89%	-37.70%	5.64%	1.73%	-19.08%	5.64%	47.76%	-9.23%
Dividend Yield	-	-	0.14%	0.19%	0.24%	3.16%	5.46%	5.08%	3.79%	3.54%	1.92%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6.98
(-) Cash Dividends Paid (M)	4.32
(=) Cash Retained (M)	2.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.40	0.87	0.52
Cash Retained (M)	2.66	2.66	2.66
(-) Cash Required (M)	-1.40	-0.87	-0.52
(=) Excess Retained (M)	1.27	1.79	2.14
(/) Shares Outstanding (M)	558.13	558.13	558.13
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.01	0.01	0.01
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	-25.44%	-24.44%	-23.44%
Fair Value	$0.02	$0.02	$0.03
Upside / Downside	-99.61%	-99.55%	-99.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6.98	5.28	3.99	3.01	2.28	1.72	1.77
Payout Ratio	61.86%	67.48%	73.11%	78.74%	84.37%	90.00%	92.50%
Projected Dividends (M)	4.32	3.56	2.91	2.37	1.92	1.55	1.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	-25.44%	-24.44%	-23.44%
Year 1 PV (M)	3.20	3.24	3.28
Year 2 PV (M)	2.35	2.41	2.48
Year 3 PV (M)	1.72	1.79	1.86
Year 4 PV (M)	1.25	1.32	1.39
Year 5 PV (M)	0.90	0.97	1.03
PV of Terminal Value (M)	13.95	14.91	15.92
Equity Value (M)	23.37	24.64	25.97
Shares Outstanding (M)	558.13	558.13	558.13
Fair Value	$0.04	$0.04	$0.05
Upside / Downside	-99.22%	-99.18%	-99.14%

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Jiangsu Wanlin Modern Logistics Co., Ltd. (603117.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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