DDM Analysis: 001339.SZ

Valuation Snapshot

Stable Growth	$5.07 - $7.35	$6.18
Multi-Stage	$8.52 - $9.35	$8.93
Blended Fair Value	$7.55
Current Price	$59.83
Upside	-87.37%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.22	0.05	0.01	0.01	0.00	0.00	0.02	0.00	0.00	0.00
YoY Growth	-	-	376.54%	340.42%	22.37%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.43%	0.15%	0.04%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	173.67
(-) Cash Dividends Paid (M)	59.02
(=) Cash Retained (M)	114.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.73	21.71	13.03
Cash Retained (M)	114.65	114.65	114.65
(-) Cash Required (M)	-34.73	-21.71	-13.03
(=) Excess Retained (M)	79.92	92.94	101.63
(/) Shares Outstanding (M)	249.30	249.30	249.30
(=) Excess Retained per Share	0.32	0.37	0.41
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.32	0.37	0.41
(=) Adjusted Dividend	0.56	0.61	0.64
WACC / Discount Rate	8.77%	8.77%	8.77%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.07	$6.18	$7.35
Upside / Downside	-91.52%	-89.67%	-87.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	173.67	171.93	170.21	168.51	166.83	165.16	170.11
Payout Ratio	33.98%	45.19%	56.39%	67.59%	78.80%	90.00%	92.50%
Projected Dividends (M)	59.02	77.69	95.98	113.90	131.45	148.64	157.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.77%	8.77%	8.77%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	70.71	71.43	72.15
Year 2 PV (M)	79.50	81.14	82.78
Year 3 PV (M)	85.87	88.52	91.23
Year 4 PV (M)	90.19	93.93	97.78
Year 5 PV (M)	92.82	97.65	102.69
PV of Terminal Value (M)	1,704.24	1,792.99	1,885.39
Equity Value (M)	2,123.34	2,225.66	2,332.03
Shares Outstanding (M)	249.30	249.30	249.30
Fair Value	$8.52	$8.93	$9.35
Upside / Downside	-85.76%	-85.08%	-84.37%

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JWIPC Technology Co., Ltd. (001339.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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