DDM Analysis: 300964.SZ

Valuation Snapshot

Stable Growth	$43.16 - $85.69	$80.25
Multi-Stage	$43.71 - $48.30	$45.96
Blended Fair Value	$63.10
Current Price	$43.45
Upside	45.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2014
DPS	0.29%	0.00%	0.40	0.00	0.30	0.00	0.00	0.40	0.14	0.01	0.00	0.01
YoY Growth	-	-	318,879.30%	-99.96%	10,557.75%	60.95%	-99.56%	186.38%	1,384.53%	167.05%	-62.67%	0.00%
Dividend Yield	-	-	1.01%	0.00%	0.54%	0.01%	0.00%	0.58%	0.00%	0.00%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.64
(-) Cash Dividends Paid (M)	8.32
(=) Cash Retained (M)	27.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.13	4.46	2.67
Cash Retained (M)	27.33	27.33	27.33
(-) Cash Required (M)	-7.13	-4.46	-2.67
(=) Excess Retained (M)	20.20	22.87	24.65
(/) Shares Outstanding (M)	76.96	76.96	76.96
(=) Excess Retained per Share	0.26	0.30	0.32
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.26	0.30	0.32
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	-1.16%	-1.16%	-1.16%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$43.16	$80.25	$85.69
Upside / Downside	-0.67%	84.69%	97.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.64	35.29	34.94	34.59	34.24	33.90	34.91
Payout Ratio	23.33%	36.67%	50.00%	63.33%	76.67%	90.00%	92.50%
Projected Dividends (M)	8.32	12.94	17.47	21.90	26.25	30.51	32.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.16%	-1.16%	-1.16%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.96	13.09	13.22
Year 2 PV (M)	17.52	17.88	18.24
Year 3 PV (M)	22.00	22.68	23.38
Year 4 PV (M)	26.41	27.50	28.63
Year 5 PV (M)	30.74	32.34	34.01
PV of Terminal Value (M)	3,253.97	3,423.41	3,599.84
Equity Value (M)	3,363.60	3,536.91	3,717.32
Shares Outstanding (M)	76.96	76.96	76.96
Fair Value	$43.71	$45.96	$48.30
Upside / Downside	0.59%	5.78%	11.17%

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Jiangsu Allfavor Intelligent Circuits Technology CO.,Ltd (300964.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener