DDM Analysis: 688685.SS

Valuation Snapshot

Stable Growth	$26.24 - $88.30	$82.75
Multi-Stage	$11.93 - $13.03	$12.47
Blended Fair Value	$47.61
Current Price	$61.90
Upside	-23.08%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	54.48%	0.00%	0.17	0.24	0.01	0.02	0.01	0.02	0.01	0.01	0.00	0.00
YoY Growth	-	-	-29.37%	2,587.36%	-43.49%	24.42%	-34.08%	163.39%	-17.05%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.31%	0.64%	0.06%	0.10%	0.05%	0.08%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.58
(-) Cash Dividends Paid (M)	54.79
(=) Cash Retained (M)	10.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.12	8.20	4.92
Cash Retained (M)	10.79	10.79	10.79
(-) Cash Required (M)	-13.12	-8.20	-4.92
(=) Excess Retained (M)	-2.33	2.59	5.87
(/) Shares Outstanding (M)	147.70	147.70	147.70
(=) Excess Retained per Share	-0.02	0.02	0.04
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	-0.02	0.02	0.04
(=) Adjusted Dividend	0.36	0.39	0.41
WACC / Discount Rate	6.93%	6.93%	6.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.24	$82.75	$88.30
Upside / Downside	-57.61%	33.68%	42.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.58	69.84	74.38	79.21	84.36	89.85	92.54
Payout Ratio	83.55%	84.84%	86.13%	87.42%	88.71%	90.00%	92.50%
Projected Dividends (M)	54.79	59.25	64.06	69.25	74.84	80.86	85.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.93%	6.93%	6.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	54.89	55.41	55.93
Year 2 PV (M)	54.98	56.03	57.09
Year 3 PV (M)	55.06	56.64	58.25
Year 4 PV (M)	55.13	57.25	59.43
Year 5 PV (M)	55.18	57.85	60.61
PV of Terminal Value (M)	1,487.05	1,558.87	1,633.45
Equity Value (M)	1,762.29	1,842.04	1,924.75
Shares Outstanding (M)	147.70	147.70	147.70
Fair Value	$11.93	$12.47	$13.03
Upside / Downside	-80.72%	-79.85%	-78.95%

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Jiangsu Maixinlin Aviation Science and Technology Corp. (688685.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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