DDM Analysis: 605166.SS

Valuation Snapshot

Stable Growth	$52.24 - $121.39	$113.76
Multi-Stage	$17.82 - $19.51	$18.65
Blended Fair Value	$66.20
Current Price	$11.66
Upside	467.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	75.43%	0.00%	0.29	0.21	0.20	0.09	0.05	0.02	0.07	0.10	0.02	0.01
YoY Growth	-	-	39.66%	6.91%	110.81%	84.03%	186.80%	-74.18%	-30.67%	535.71%	18.88%	0.00%
Dividend Yield	-	-	2.25%	1.98%	1.71%	0.71%	0.49%	0.17%	0.68%	0.00%	0.15%	0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	206.28
(-) Cash Dividends Paid (M)	51.99
(=) Cash Retained (M)	154.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.26	25.78	15.47
Cash Retained (M)	154.28	154.28	154.28
(-) Cash Required (M)	-41.26	-25.78	-15.47
(=) Excess Retained (M)	113.03	128.50	138.81
(/) Shares Outstanding (M)	337.95	337.95	337.95
(=) Excess Retained per Share	0.33	0.38	0.41
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.33	0.38	0.41
(=) Adjusted Dividend	0.49	0.53	0.56
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$52.24	$113.76	$121.39
Upside / Downside	348.05%	875.64%	941.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	206.28	219.69	233.96	249.17	265.37	282.62	291.10
Payout Ratio	25.21%	38.17%	51.12%	64.08%	77.04%	90.00%	92.50%
Projected Dividends (M)	51.99	83.84	119.61	159.68	204.44	254.36	269.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	78.00	78.74	79.48
Year 2 PV (M)	103.51	105.48	107.47
Year 3 PV (M)	128.55	132.24	136.00
Year 4 PV (M)	153.11	159.00	165.06
Year 5 PV (M)	177.21	185.77	194.66
PV of Terminal Value (M)	5,381.31	5,641.23	5,911.09
Equity Value (M)	6,021.69	6,302.46	6,593.76
Shares Outstanding (M)	337.95	337.95	337.95
Fair Value	$17.82	$18.65	$19.51
Upside / Downside	52.82%	59.94%	67.33%

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Juheshun Advanced Material Co., Ltd. (605166.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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