DDM Analysis: 300697.SZ

Valuation Snapshot

Stable Growth	$5.27 - $8.57	$6.75
Multi-Stage	$5.75 - $6.28	$6.01
Blended Fair Value	$6.38
Current Price	$18.91
Upside	-66.26%
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	3.68%	4.83%	0.22	0.20	0.19	0.27	0.20	0.18	0.09	0.00	0.06	0.06
YoY Growth	-	-	10.73%	3.93%	-30.04%	37.88%	7.93%	107.78%	0.00%	-100.00%	-0.34%	-59.71%
Dividend Yield	-	-	1.82%	2.12%	2.35%	3.34%	2.27%	2.76%	1.43%	0.00%	1.05%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	166.07
(-) Cash Dividends Paid (M)	68.04
(=) Cash Retained (M)	98.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.21	20.76	12.46
Cash Retained (M)	98.04	98.04	98.04
(-) Cash Required (M)	-33.21	-20.76	-12.46
(=) Excess Retained (M)	64.82	77.28	85.58
(/) Shares Outstanding (M)	358.25	358.25	358.25
(=) Excess Retained per Share	0.18	0.22	0.24
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.18	0.22	0.24
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	2.83%	3.83%	4.83%
Fair Value	$5.27	$6.75	$8.57
Upside / Downside	-72.16%	-64.32%	-54.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	166.07	172.44	179.05	185.92	193.05	200.45	206.46
Payout Ratio	40.97%	50.77%	60.58%	70.39%	80.19%	90.00%	92.50%
Projected Dividends (M)	68.04	87.56	108.47	130.86	154.81	180.40	190.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	2.83%	3.83%	4.83%
Year 1 PV (M)	78.77	79.54	80.31
Year 2 PV (M)	87.80	89.52	91.25
Year 3 PV (M)	95.30	98.11	100.97
Year 4 PV (M)	101.44	105.44	109.56
Year 5 PV (M)	106.35	111.62	117.10
PV of Terminal Value (M)	1,590.81	1,669.68	1,751.64
Equity Value (M)	2,060.48	2,153.92	2,250.84
Shares Outstanding (M)	358.25	358.25	358.25
Fair Value	$5.75	$6.01	$6.28
Upside / Downside	-69.58%	-68.21%	-66.77%

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Jiangyin Electrical Alloy Co.,Ltd (300697.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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