DDM Analysis: 300107.SZ

Valuation Snapshot

Stable Growth	$0.09 - $0.12	$0.10
Multi-Stage	$0.28 - $0.31	$0.29
Blended Fair Value	$0.20
Current Price	$7.10
Upside	-97.22%
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	-44.19%	-1.83%	0.02	0.06	0.10	0.10	0.59	0.29	0.15	0.03	0.03	0.02
YoY Growth	-	-	-73.11%	-40.75%	1.36%	-83.28%	100.54%	100.51%	402.20%	0.28%	21.03%	25.70%
Dividend Yield	-	-	0.19%	0.71%	1.74%	1.86%	10.99%	4.91%	1.14%	0.31%	0.44%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.65
(-) Cash Dividends Paid (M)	9.00
(=) Cash Retained (M)	2.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.33	1.46	0.87
Cash Retained (M)	2.65	2.65	2.65
(-) Cash Required (M)	-2.33	-1.46	-0.87
(=) Excess Retained (M)	0.32	1.19	1.77
(/) Shares Outstanding (M)	563.01	563.01	563.01
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.02	0.02	0.02
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	-10.13%	-9.13%	-8.13%
Fair Value	$0.09	$0.10	$0.12
Upside / Downside	-98.76%	-98.54%	-98.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.65	10.58	9.62	8.74	7.94	7.22	7.43
Payout Ratio	77.28%	79.82%	82.37%	84.91%	87.46%	90.00%	92.50%
Projected Dividends (M)	9.00	8.45	7.92	7.42	6.95	6.49	6.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	-10.13%	-9.13%	-8.13%
Year 1 PV (M)	7.83	7.92	8.00
Year 2 PV (M)	6.80	6.95	7.11
Year 3 PV (M)	5.90	6.10	6.31
Year 4 PV (M)	5.12	5.35	5.59
Year 5 PV (M)	4.44	4.69	4.95
PV of Terminal Value (M)	125.87	133.03	140.52
Equity Value (M)	155.97	164.05	172.48
Shares Outstanding (M)	563.01	563.01	563.01
Fair Value	$0.28	$0.29	$0.31
Upside / Downside	-96.10%	-95.90%	-95.69%

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Hebei Jianxin Chemical Co., Ltd. (300107.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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