DDM Analysis: 600650.SS

Valuation Snapshot

Stable Growth	$0.90 - $1.20	$1.05
Multi-Stage	$1.57 - $1.74	$1.66
Blended Fair Value	$1.35
Current Price	$16.25
Upside	-91.66%
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	-18.43%	-10.05%	0.09	0.29	0.07	0.13	0.25	0.25	0.25	0.25	0.28	0.26
YoY Growth	-	-	-68.71%	292.53%	-44.83%	-46.55%	-0.27%	-0.57%	0.56%	-9.11%	7.51%	-1.77%
Dividend Yield	-	-	0.65%	3.58%	0.71%	1.33%	2.30%	2.92%	2.04%	1.87%	1.27%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	124.11
(-) Cash Dividends Paid (M)	2.18
(=) Cash Retained (M)	121.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.82	15.51	9.31
Cash Retained (M)	121.94	121.94	121.94
(-) Cash Required (M)	-24.82	-15.51	-9.31
(=) Excess Retained (M)	97.11	106.42	112.63
(/) Shares Outstanding (M)	551.61	551.61	551.61
(=) Excess Retained per Share	0.18	0.19	0.20
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.18	0.19	0.20
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-8.38%	-7.38%	-6.38%
Fair Value	$0.90	$1.05	$1.20
Upside / Downside	-94.45%	-93.51%	-92.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	124.11	114.95	106.47	98.61	91.33	84.59	87.13
Payout Ratio	1.75%	19.40%	37.05%	54.70%	72.35%	90.00%	92.50%
Projected Dividends (M)	2.18	22.30	39.45	53.94	66.08	76.13	80.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-8.38%	-7.38%	-6.38%
Year 1 PV (M)	20.07	20.29	20.51
Year 2 PV (M)	31.95	32.65	33.36
Year 3 PV (M)	39.32	40.62	41.95
Year 4 PV (M)	43.35	45.28	47.26
Year 5 PV (M)	44.95	47.46	50.08
PV of Terminal Value (M)	688.30	726.69	766.78
Equity Value (M)	867.95	913.00	959.95
Shares Outstanding (M)	551.61	551.61	551.61
Fair Value	$1.57	$1.66	$1.74
Upside / Downside	-90.32%	-89.81%	-89.29%

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Shanghai Jin Jiang Online Network Service Co., Ltd. (600650.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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