DDM Analysis: 000801.SZ

Valuation Snapshot

Stable Growth	$5.87 - $33.60	$11.02
Multi-Stage	$3.54 - $3.86	$3.70
Blended Fair Value	$7.36
Current Price	$15.99
Upside	-53.97%
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	41.45%	11.64%	0.11	0.10	0.05	0.03	0.04	0.02	0.02	0.02	0.05	0.03
YoY Growth	-	-	13.39%	95.93%	96.10%	-39.32%	114.18%	0.00%	0.00%	-60.00%	66.67%	-20.34%
Dividend Yield	-	-	0.71%	0.76%	0.71%	0.39%	0.75%	0.42%	0.29%	0.30%	0.43%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	172.41
(-) Cash Dividends Paid (M)	109.62
(=) Cash Retained (M)	62.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.48	21.55	12.93
Cash Retained (M)	62.80	62.80	62.80
(-) Cash Required (M)	-34.48	-21.55	-12.93
(=) Excess Retained (M)	28.32	41.25	49.87
(/) Shares Outstanding (M)	1,020.43	1,020.43	1,020.43
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.87	$11.02	$33.60
Upside / Downside	-63.28%	-31.08%	110.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	172.41	183.62	195.56	208.27	221.81	236.22	243.31
Payout Ratio	63.58%	68.86%	74.15%	79.43%	84.72%	90.00%	92.50%
Projected Dividends (M)	109.62	126.45	145.00	165.43	187.90	212.60	225.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	116.06	117.16	118.26
Year 2 PV (M)	122.15	124.48	126.83
Year 3 PV (M)	127.91	131.58	135.33
Year 4 PV (M)	133.35	138.48	143.76
Year 5 PV (M)	138.48	145.17	152.12
PV of Terminal Value (M)	2,974.41	3,118.07	3,267.24
Equity Value (M)	3,612.36	3,774.94	3,943.52
Shares Outstanding (M)	1,020.43	1,020.43	1,020.43
Fair Value	$3.54	$3.70	$3.86
Upside / Downside	-77.86%	-76.86%	-75.83%

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Sichuan Jiuzhou Electronic Co., Ltd. (000801.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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