DDM Analysis: 000897.SZ

Valuation Snapshot

Stable Growth	$1.81 - $3.83	$2.56
Multi-Stage	$1.29 - $1.41	$1.35
Blended Fair Value	$1.95
Current Price	$2.28
Upside	-14.26%
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	-58.07%	-41.74%	0.00	0.00	0.01	0.04	0.05	0.05	0.08	0.10	0.11	0.13
YoY Growth	-	-	-29.55%	-88.70%	-76.41%	-23.07%	-10.31%	-30.35%	-24.32%	-11.22%	-13.27%	-14.37%
Dividend Yield	-	-	0.03%	0.04%	0.38%	1.04%	2.08%	2.32%	2.95%	3.14%	2.46%	2.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	155.31
(-) Cash Dividends Paid (M)	0.03
(=) Cash Retained (M)	155.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.06	19.41	11.65
Cash Retained (M)	155.28	155.28	155.28
(-) Cash Required (M)	-31.06	-19.41	-11.65
(=) Excess Retained (M)	124.22	135.87	143.63
(/) Shares Outstanding (M)	1,613.34	1,613.34	1,613.34
(=) Excess Retained per Share	0.08	0.08	0.09
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.08	0.08	0.09
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1.81	$2.56	$3.83
Upside / Downside	-20.79%	12.45%	68.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	155.31	165.40	176.15	187.60	199.80	212.78	219.17
Payout Ratio	0.02%	18.01%	36.01%	54.01%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.03	29.79	63.43	101.32	143.86	191.50	202.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	26.83	27.09	27.34
Year 2 PV (M)	51.44	52.42	53.41
Year 3 PV (M)	74.00	76.12	78.29
Year 4 PV (M)	94.62	98.26	102.01
Year 5 PV (M)	113.44	118.92	124.60
PV of Terminal Value (M)	1,715.80	1,798.67	1,884.72
Equity Value (M)	2,076.13	2,171.48	2,270.37
Shares Outstanding (M)	1,613.34	1,613.34	1,613.34
Fair Value	$1.29	$1.35	$1.41
Upside / Downside	-43.56%	-40.97%	-38.28%

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Tianjin Jinbin Development Co., Ltd. (000897.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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