DDM Analysis: 002394.SZ

Valuation Snapshot

Stable Growth	$4.87 - $6.61	$5.76
Multi-Stage	$15.36 - $17.05	$16.19
Blended Fair Value	$10.97
Current Price	$11.14
Upside	-1.50%
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	-27.49%	-12.72%	0.14	0.89	0.08	0.36	0.56	0.68	0.83	0.71	0.80	0.80
YoY Growth	-	-	-84.87%	1,024.65%	-78.19%	-35.20%	-16.66%	-18.72%	16.66%	-11.05%	0.54%	50.96%
Dividend Yield	-	-	1.81%	11.79%	1.06%	4.59%	5.55%	7.81%	7.04%	6.12%	4.72%	5.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	334.57
(-) Cash Dividends Paid (M)	60.73
(=) Cash Retained (M)	273.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.91	41.82	25.09
Cash Retained (M)	273.84	273.84	273.84
(-) Cash Required (M)	-66.91	-41.82	-25.09
(=) Excess Retained (M)	206.93	232.02	248.75
(/) Shares Outstanding (M)	323.87	323.87	323.87
(=) Excess Retained per Share	0.64	0.72	0.77
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.64	0.72	0.77
(=) Adjusted Dividend	0.83	0.90	0.96
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-9.09%	-8.09%	-7.09%
Fair Value	$4.87	$5.76	$6.61
Upside / Downside	-56.28%	-48.30%	-40.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	334.57	307.50	282.63	259.76	238.75	219.43	226.02
Payout Ratio	18.15%	32.52%	46.89%	61.26%	75.63%	90.00%	92.50%
Projected Dividends (M)	60.73	100.00	132.53	159.13	180.57	197.49	209.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-9.09%	-8.09%	-7.09%
Year 1 PV (M)	93.02	94.05	95.07
Year 2 PV (M)	114.67	117.21	119.77
Year 3 PV (M)	128.08	132.35	136.72
Year 4 PV (M)	135.19	141.23	147.48
Year 5 PV (M)	137.54	145.27	153.35
PV of Terminal Value (M)	4,366.46	4,611.96	4,868.37
Equity Value (M)	4,974.96	5,242.06	5,520.76
Shares Outstanding (M)	323.87	323.87	323.87
Fair Value	$15.36	$16.19	$17.05
Upside / Downside	37.89%	45.29%	53.02%

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Financial Statements

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Ticker

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Sector

Jiangsu Lianfa Textile Co.,Ltd (002394.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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