DDM Analysis: 002905.SZ

Valuation Snapshot

Stable Growth	$0.59 - $0.83	$0.71
Multi-Stage	$4.83 - $5.37	$5.10
Blended Fair Value	$2.90
Current Price	$10.60
Upside	-72.62%
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	-29.00%	-5.45%	0.04	0.04	0.04	0.04	0.05	0.21	0.29	0.19	0.04	0.11
YoY Growth	-	-	-0.21%	-0.59%	-14.22%	-17.23%	-74.39%	-26.30%	51.73%	359.39%	-63.27%	67.67%
Dividend Yield	-	-	0.50%	0.44%	0.43%	0.61%	0.60%	2.11%	2.11%	1.15%	0.32%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	36.59
(-) Cash Dividends Paid (M)	9.61
(=) Cash Retained (M)	26.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.32	4.57	2.74
Cash Retained (M)	26.98	26.98	26.98
(-) Cash Required (M)	-7.32	-4.57	-2.74
(=) Excess Retained (M)	19.66	22.40	24.23
(/) Shares Outstanding (M)	378.25	378.25	378.25
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	4.07%	4.07%	4.07%
Growth Rate	-8.07%	-7.07%	-6.07%
Fair Value	$0.59	$0.71	$0.83
Upside / Downside	-94.47%	-93.34%	-92.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36.59	34.00	31.60	29.37	27.29	25.36	26.12
Payout Ratio	26.27%	39.01%	51.76%	64.51%	77.25%	90.00%	92.50%
Projected Dividends (M)	9.61	13.27	16.36	18.94	21.08	22.83	24.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.07%	4.07%	4.07%
Growth Rate	-8.07%	-7.07%	-6.07%
Year 1 PV (M)	12.61	12.75	12.88
Year 2 PV (M)	14.78	15.10	15.43
Year 3 PV (M)	16.27	16.81	17.35
Year 4 PV (M)	17.21	17.97	18.76
Year 5 PV (M)	17.71	18.70	19.72
PV of Terminal Value (M)	1,749.68	1,846.94	1,948.47
Equity Value (M)	1,828.26	1,928.26	2,032.62
Shares Outstanding (M)	378.25	378.25	378.25
Fair Value	$4.83	$5.10	$5.37
Upside / Downside	-54.40%	-51.91%	-49.30%

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Guangzhou Jinyi Media Corporation (002905.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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