DDM Analysis: 000821.SZ

Valuation Snapshot

Stable Growth	$36.31 - $88.90	$83.32
Multi-Stage	$12.93 - $14.15	$13.53
Blended Fair Value	$48.42
Current Price	$12.68
Upside	281.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.24%	13.26%	0.14	0.04	0.03	0.04	0.05	0.06	0.07	0.05	0.04	0.03
YoY Growth	-	-	225.23%	34.15%	-25.30%	-9.32%	-25.05%	-14.04%	47.72%	17.15%	33.94%	-21.31%
Dividend Yield	-	-	1.11%	0.30%	0.13%	0.45%	0.66%	0.95%	0.73%	0.40%	0.26%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	280.59
(-) Cash Dividends Paid (M)	98.47
(=) Cash Retained (M)	182.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.12	35.07	21.04
Cash Retained (M)	182.12	182.12	182.12
(-) Cash Required (M)	-56.12	-35.07	-21.04
(=) Excess Retained (M)	126.00	147.05	161.07
(/) Shares Outstanding (M)	627.67	627.67	627.67
(=) Excess Retained per Share	0.20	0.23	0.26
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.20	0.23	0.26
(=) Adjusted Dividend	0.36	0.39	0.41
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.31	$83.32	$88.90
Upside / Downside	186.36%	557.06%	601.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	280.59	298.83	318.25	338.94	360.97	384.43	395.96
Payout Ratio	35.09%	46.08%	57.06%	68.04%	79.02%	90.00%	92.50%
Projected Dividends (M)	98.47	137.69	181.58	230.60	285.23	345.99	366.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	128.02	129.23	130.45
Year 2 PV (M)	156.99	159.98	162.99
Year 3 PV (M)	185.37	190.70	196.12
Year 4 PV (M)	213.19	221.39	229.83
Year 5 PV (M)	240.45	252.07	264.13
PV of Terminal Value (M)	7,192.46	7,539.86	7,900.55
Equity Value (M)	8,116.49	8,493.23	8,884.07
Shares Outstanding (M)	627.67	627.67	627.67
Fair Value	$12.93	$13.53	$14.15
Upside / Downside	1.98%	6.71%	11.62%

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J.S. Corrugating Machinery Co., Ltd. (000821.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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