DDM Analysis: 300651.SZ

Valuation Snapshot

Stable Growth	$2.10 - $3.15	$2.60
Multi-Stage	$3.64 - $4.00	$3.82
Blended Fair Value	$3.21
Current Price	$22.31
Upside	-85.63%
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	1.71%	20.69%	0.14	0.10	0.08	0.08	0.08	0.13	0.03	0.02	0.07	0.01
YoY Growth	-	-	49.37%	20.00%	0.00%	0.00%	-39.29%	397.33%	44.72%	-74.06%	886.30%	-67.26%
Dividend Yield	-	-	1.08%	0.62%	0.34%	0.24%	0.19%	0.52%	0.07%	0.08%	0.61%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.28
(-) Cash Dividends Paid (M)	26.75
(=) Cash Retained (M)	13.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.06	5.04	3.02
Cash Retained (M)	13.53	13.53	13.53
(-) Cash Required (M)	-8.06	-5.04	-3.02
(=) Excess Retained (M)	5.48	8.50	10.51
(/) Shares Outstanding (M)	161.56	161.56	161.56
(=) Excess Retained per Share	0.03	0.05	0.07
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.03	0.05	0.07
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	8.24%	8.24%	8.24%
Growth Rate	-1.16%	-0.16%	0.84%
Fair Value	$2.10	$2.60	$3.15
Upside / Downside	-90.59%	-88.37%	-85.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.28	40.22	40.15	40.09	40.03	39.96	41.16
Payout Ratio	66.40%	71.12%	75.84%	80.56%	85.28%	90.00%	92.50%
Projected Dividends (M)	26.75	28.60	30.45	32.30	34.14	35.97	38.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.24%	8.24%	8.24%
Growth Rate	-1.16%	-0.16%	0.84%
Year 1 PV (M)	26.16	26.43	26.69
Year 2 PV (M)	25.48	26.00	26.52
Year 3 PV (M)	24.71	25.47	26.25
Year 4 PV (M)	23.89	24.87	25.89
Year 5 PV (M)	23.03	24.21	25.45
PV of Terminal Value (M)	465.62	489.65	514.67
Equity Value (M)	588.89	616.64	645.46
Shares Outstanding (M)	161.56	161.56	161.56
Fair Value	$3.64	$3.82	$4.00
Upside / Downside	-83.66%	-82.89%	-82.09%

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Jiangsu Jinling Sports Equipment Co.,Ltd. (300651.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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