DDM Analysis: 002540.SZ

Valuation Snapshot

Stable Growth	$7.94 - $24.27	$12.66
Multi-Stage	$5.46 - $5.96	$5.70
Blended Fair Value	$9.18
Current Price	$6.39
Upside	43.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.01%	21.87%	0.45	0.38	0.09	0.06	0.23	0.45	0.06	0.05	0.04	0.01
YoY Growth	-	-	20.00%	304.16%	66.67%	-75.17%	-50.18%	689.01%	22.17%	20.00%	380.77%	-87.00%
Dividend Yield	-	-	7.21%	6.32%	1.57%	1.06%	4.76%	10.63%	0.99%	0.66%	0.52%	0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	406.97
(-) Cash Dividends Paid (M)	256.60
(=) Cash Retained (M)	150.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	81.39	50.87	30.52
Cash Retained (M)	150.37	150.37	150.37
(-) Cash Required (M)	-81.39	-50.87	-30.52
(=) Excess Retained (M)	68.98	99.50	119.85
(/) Shares Outstanding (M)	1,328.29	1,328.29	1,328.29
(=) Excess Retained per Share	0.05	0.07	0.09
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.05	0.07	0.09
(=) Adjusted Dividend	0.25	0.27	0.28
WACC / Discount Rate	8.76%	8.76%	8.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.94	$12.66	$24.27
Upside / Downside	24.32%	98.13%	279.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	406.97	433.42	461.60	491.60	523.55	557.58	574.31
Payout Ratio	63.05%	68.44%	73.83%	79.22%	84.61%	90.00%	92.50%
Projected Dividends (M)	256.60	296.64	340.80	389.45	442.98	501.83	531.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.76%	8.76%	8.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	270.20	272.76	275.32
Year 2 PV (M)	282.75	288.14	293.57
Year 3 PV (M)	294.31	302.76	311.37
Year 4 PV (M)	304.93	316.65	328.72
Year 5 PV (M)	314.64	329.84	345.62
PV of Terminal Value (M)	5,787.64	6,067.19	6,357.43
Equity Value (M)	7,254.47	7,577.34	7,912.03
Shares Outstanding (M)	1,328.29	1,328.29	1,328.29
Fair Value	$5.46	$5.70	$5.96
Upside / Downside	-14.53%	-10.73%	-6.78%

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Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd. (002540.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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