DDM Analysis: 002245.SZ

Valuation Snapshot

Stable Growth	$14.47 - $37.94	$22.05
Multi-Stage	$9.82 - $10.74	$10.27
Blended Fair Value	$16.16
Current Price	$20.02
Upside	-19.28%
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	17.17%	6.09%	0.05	0.03	0.06	0.03	0.01	0.02	0.03	0.02	0.03	0.03
YoY Growth	-	-	34.37%	-44.39%	133.33%	111.11%	-40.00%	-37.27%	58.93%	-15.75%	-17.49%	17.98%
Dividend Yield	-	-	0.33%	0.40%	0.44%	0.12%	0.11%	0.55%	0.67%	0.23%	0.27%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	719.11
(-) Cash Dividends Paid (M)	99.85
(=) Cash Retained (M)	619.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	143.82	89.89	53.93
Cash Retained (M)	619.27	619.27	619.27
(-) Cash Required (M)	-143.82	-89.89	-53.93
(=) Excess Retained (M)	475.44	529.38	565.33
(/) Shares Outstanding (M)	1,154.37	1,154.37	1,154.37
(=) Excess Retained per Share	0.41	0.46	0.49
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.41	0.46	0.49
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	9.13%	9.13%	9.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.47	$22.05	$37.94
Upside / Downside	-27.70%	10.14%	89.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	719.11	765.85	815.64	868.65	925.11	985.25	1,014.80
Payout Ratio	13.88%	29.11%	44.33%	59.55%	74.78%	90.00%	92.50%
Projected Dividends (M)	99.85	222.92	361.58	517.32	691.77	886.72	938.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.13%	9.13%	9.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	202.35	204.27	206.19
Year 2 PV (M)	297.92	303.59	309.32
Year 3 PV (M)	386.90	398.01	409.33
Year 4 PV (M)	469.63	487.69	506.27
Year 5 PV (M)	546.42	572.81	600.22
PV of Terminal Value (M)	9,432.31	9,887.89	10,360.91
Equity Value (M)	11,335.53	11,854.27	12,392.23
Shares Outstanding (M)	1,154.37	1,154.37	1,154.37
Fair Value	$9.82	$10.27	$10.74
Upside / Downside	-50.95%	-48.71%	-46.38%

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Jiangsu Azure Corporation (002245.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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