DDM Analysis: 002608.SZ

Valuation Snapshot

Stable Growth	$79.88 - $186.63	$174.90
Multi-Stage	$27.29 - $29.88	$28.56
Blended Fair Value	$101.73
Current Price	$8.05
Upside	1,163.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.48%	20.62%	0.39	0.42	0.33	0.47	0.28	0.23	0.19	0.19	0.63	0.56
YoY Growth	-	-	-5.75%	27.43%	-30.35%	67.70%	22.73%	18.66%	2.84%	-70.40%	12.94%	828.53%
Dividend Yield	-	-	5.15%	5.23%	5.32%	8.21%	3.86%	3.51%	1.91%	2.14%	4.55%	15.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,545.26
(-) Cash Dividends Paid (M)	770.25
(=) Cash Retained (M)	2,775.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	709.05	443.16	265.89
Cash Retained (M)	2,775.01	2,775.01	2,775.01
(-) Cash Required (M)	-709.05	-443.16	-265.89
(=) Excess Retained (M)	2,065.96	2,331.86	2,509.12
(/) Shares Outstanding (M)	3,777.91	3,777.91	3,777.91
(=) Excess Retained per Share	0.55	0.62	0.66
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.55	0.62	0.66
(=) Adjusted Dividend	0.75	0.82	0.87
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.88	$174.90	$186.63
Upside / Downside	892.36%	2,072.64%	2,218.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,545.26	3,775.70	4,021.12	4,282.50	4,560.86	4,857.32	5,003.03
Payout Ratio	21.73%	35.38%	49.04%	62.69%	76.35%	90.00%	92.50%
Projected Dividends (M)	770.25	1,335.88	1,971.78	2,684.72	3,482.00	4,371.58	4,627.81

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)	1,242.67	1,254.45	1,266.22
Year 2 PV (M)	1,706.22	1,738.72	1,771.53
Year 3 PV (M)	2,161.04	2,223.07	2,286.29
Year 4 PV (M)	2,607.24	2,707.51	2,810.64
Year 5 PV (M)	3,044.94	3,192.01	3,344.72
PV of Terminal Value (M)	92,322.67	96,781.89	101,411.78
Equity Value (M)	103,084.78	107,897.65	112,891.17
Shares Outstanding (M)	3,777.91	3,777.91	3,777.91
Fair Value	$27.29	$28.56	$29.88
Upside / Downside	238.96%	254.78%	271.20%

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Jiangsu Guoxin Corp. Ltd. (002608.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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