DDM Analysis: 301012.SZ

Valuation Snapshot

Stable Growth	$55.99 - $65.97	$61.82
Multi-Stage	$43.53 - $47.77	$45.61
Blended Fair Value	$53.72
Current Price	$24.50
Upside	119.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2013
DPS	10.64%	0.00%	0.12	0.09	0.11	0.02	0.05	0.08	0.04	0.08	0.00	0.00
YoY Growth	-	-	44.97%	-20.59%	472.69%	-60.25%	-36.74%	72.03%	-44.91%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.65%	0.70%	0.58%	0.10%	0.19%	0.30%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.42
(-) Cash Dividends Paid (M)	26.66
(=) Cash Retained (M)	24.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.28	6.43	3.86
Cash Retained (M)	24.76	24.76	24.76
(-) Cash Required (M)	-10.28	-6.43	-3.86
(=) Excess Retained (M)	14.48	18.33	20.90
(/) Shares Outstanding (M)	155.02	155.02	155.02
(=) Excess Retained per Share	0.09	0.12	0.13
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.09	0.12	0.13
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	-0.35%	-0.35%	-0.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$55.99	$61.82	$65.97
Upside / Downside	128.54%	152.34%	169.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.42	54.77	58.32	62.12	66.15	70.45	72.57
Payout Ratio	51.85%	59.48%	67.11%	74.74%	82.37%	90.00%	92.50%
Projected Dividends (M)	26.66	32.57	39.14	46.43	54.49	63.41	67.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.35%	-0.35%	-0.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	32.38	32.69	33.00
Year 2 PV (M)	38.68	39.42	40.16
Year 3 PV (M)	45.61	46.92	48.25
Year 4 PV (M)	53.22	55.27	57.37
Year 5 PV (M)	61.56	64.54	67.62
PV of Terminal Value (M)	6,517.19	6,831.97	7,158.80
Equity Value (M)	6,748.64	7,070.80	7,405.21
Shares Outstanding (M)	155.02	155.02	155.02
Fair Value	$43.53	$45.61	$47.77
Upside / Downside	77.69%	86.17%	94.97%

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Jiangsu Yangdian Science & Technology Co. Ltd. (301012.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener