DDM Analysis: 300343.SZ

Valuation Snapshot

Stable Growth	$0.10 - $0.12	$0.11
Multi-Stage	$0.17 - $0.19	$0.18
Blended Fair Value	$0.14
Current Price	$5.07
Upside	-97.14%
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	-48.92%	-20.67%	0.00	0.01	0.01	0.03	0.02	0.08	0.08	0.06	0.04	0.02
YoY Growth	-	-	-62.49%	-23.11%	-66.72%	44.05%	-74.85%	2.97%	28.78%	66.22%	135.23%	-45.23%
Dividend Yield	-	-	0.07%	0.11%	0.10%	0.21%	0.67%	3.19%	1.64%	0.74%	0.33%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	55.11
(-) Cash Dividends Paid (M)	2.03
(=) Cash Retained (M)	53.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.02	6.89	4.13
Cash Retained (M)	53.08	53.08	53.08
(-) Cash Required (M)	-11.02	-6.89	-4.13
(=) Excess Retained (M)	42.06	46.19	48.95
(/) Shares Outstanding (M)	1,064.82	1,064.82	1,064.82
(=) Excess Retained per Share	0.04	0.04	0.05
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.04	0.04	0.05
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-22.67%	-21.67%	-20.67%
Fair Value	$0.10	$0.11	$0.12
Upside / Downside	-98.06%	-97.78%	-97.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55.11	43.17	33.81	26.49	20.75	16.25	16.74
Payout Ratio	3.68%	20.94%	38.21%	55.47%	72.74%	90.00%	92.50%
Projected Dividends (M)	2.03	9.04	12.92	14.69	15.09	14.63	15.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-22.67%	-21.67%	-20.67%
Year 1 PV (M)	8.12	8.23	8.33
Year 2 PV (M)	10.42	10.69	10.97
Year 3 PV (M)	10.65	11.07	11.49
Year 4 PV (M)	9.82	10.34	10.88
Year 5 PV (M)	8.55	9.12	9.72
PV of Terminal Value (M)	130.98	139.67	148.82
Equity Value (M)	178.55	189.12	200.21
Shares Outstanding (M)	1,064.82	1,064.82	1,064.82
Fair Value	$0.17	$0.18	$0.19
Upside / Downside	-96.69%	-96.50%	-96.29%

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Lecron Industrial Development Group Co., Ltd. (300343.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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