DDM Analysis: 600668.SS

Valuation Snapshot

Stable Growth	$7.77 - $10.53	$9.18
Multi-Stage	$20.55 - $22.80	$21.65
Blended Fair Value	$15.42
Current Price	$11.65
Upside	32.34%
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	-15.78%	-6.62%	0.13	0.16	0.45	0.36	0.30	0.31	0.17	0.30	0.23	0.32
YoY Growth	-	-	-19.78%	-64.06%	24.87%	19.11%	-1.21%	76.98%	-41.72%	30.30%	-28.90%	24.50%
Dividend Yield	-	-	1.48%	2.11%	4.36%	2.13%	2.56%	2.62%	1.40%	2.33%	1.58%	2.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	687.14
(-) Cash Dividends Paid (M)	20.87
(=) Cash Retained (M)	666.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	137.43	85.89	51.54
Cash Retained (M)	666.27	666.27	666.27
(-) Cash Required (M)	-137.43	-85.89	-51.54
(=) Excess Retained (M)	528.84	580.38	614.74
(/) Shares Outstanding (M)	413.17	413.17	413.17
(=) Excess Retained per Share	1.28	1.40	1.49
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	1.28	1.40	1.49
(=) Adjusted Dividend	1.33	1.46	1.54
WACC / Discount Rate	7.02%	7.02%	7.02%
Growth Rate	-8.62%	-7.62%	-6.62%
Fair Value	$7.77	$9.18	$10.53
Upside / Downside	-33.27%	-21.18%	-9.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	687.14	634.76	586.37	541.67	500.38	462.24	476.11
Payout Ratio	3.04%	20.43%	37.82%	55.21%	72.61%	90.00%	92.50%
Projected Dividends (M)	20.87	129.68	221.78	299.08	363.31	416.02	440.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.02%	7.02%	7.02%
Growth Rate	-8.62%	-7.62%	-6.62%
Year 1 PV (M)	119.86	121.17	122.49
Year 2 PV (M)	189.48	193.65	197.87
Year 3 PV (M)	236.19	244.03	252.04
Year 4 PV (M)	265.21	277.01	289.20
Year 5 PV (M)	280.70	296.40	312.79
PV of Terminal Value (M)	7,399.69	7,813.55	8,245.72
Equity Value (M)	8,491.13	8,945.81	9,420.10
Shares Outstanding (M)	413.17	413.17	413.17
Fair Value	$20.55	$21.65	$22.80
Upside / Downside	76.40%	85.85%	95.70%

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Zhejiang Jianfeng Group Co., Ltd. (600668.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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