DDM Analysis: 300709.SZ

Valuation Snapshot

Stable Growth	$150.64 - $177.48	$166.32
Multi-Stage	$36.62 - $40.15	$38.36
Blended Fair Value	$102.34
Current Price	$51.10
Upside	100.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.33%	30.90%	0.17	0.09	0.23	0.18	0.13	0.05	0.23	0.30	0.16	0.02
YoY Growth	-	-	82.79%	-59.91%	26.53%	35.78%	165.84%	-78.47%	-20.43%	90.35%	837.81%	44.30%
Dividend Yield	-	-	0.44%	0.28%	0.94%	0.50%	0.47%	0.12%	0.90%	0.91%	0.52%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	170.80
(-) Cash Dividends Paid (M)	21.45
(=) Cash Retained (M)	149.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.16	21.35	12.81
Cash Retained (M)	149.35	149.35	149.35
(-) Cash Required (M)	-34.16	-21.35	-12.81
(=) Excess Retained (M)	115.19	128.00	136.54
(/) Shares Outstanding (M)	191.40	191.40	191.40
(=) Excess Retained per Share	0.60	0.67	0.71
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.60	0.67	0.71
(=) Adjusted Dividend	0.71	0.78	0.83
WACC / Discount Rate	5.50%	5.50%	5.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$150.64	$166.32	$177.48
Upside / Downside	194.79%	225.49%	247.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	170.80	181.91	193.73	206.32	219.73	234.02	241.04
Payout Ratio	12.56%	28.05%	43.54%	59.02%	74.51%	90.00%	92.50%
Projected Dividends (M)	21.45	51.02	84.34	121.78	163.73	210.61	222.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.50%	5.50%	5.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47.90	48.36	48.81
Year 2 PV (M)	74.36	75.77	77.20
Year 3 PV (M)	100.81	103.70	106.65
Year 4 PV (M)	127.26	132.16	137.19
Year 5 PV (M)	153.71	161.14	168.85
PV of Terminal Value (M)	6,505.66	6,819.89	7,146.14
Equity Value (M)	7,009.71	7,341.02	7,684.85
Shares Outstanding (M)	191.40	191.40	191.40
Fair Value	$36.62	$38.36	$40.15
Upside / Downside	-28.33%	-24.94%	-21.43%

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Jiangsu Gian Technology Co., Ltd. (300709.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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