DDM Analysis: 600838.SS

Valuation Snapshot

Stable Growth	$16.28 - $19.21	$17.99
Multi-Stage	$175.85 - $194.82	$185.14
Blended Fair Value	$101.57
Current Price	$8.44
Upside	1,103.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.66%	-3.76%	0.05	0.04	0.08	0.04	0.07	0.07	0.07	0.14	0.07	0.03
YoY Growth	-	-	17.63%	-48.05%	92.50%	-46.67%	1.35%	1.39%	-46.73%	95.74%	112.10%	-52.20%
Dividend Yield	-	-	0.58%	0.60%	1.12%	0.56%	1.15%	1.16%	0.93%	1.43%	0.45%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.83
(-) Cash Dividends Paid (M)	18.86
(=) Cash Retained (M)	23.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.57	5.35	3.21
Cash Retained (M)	23.97	23.97	23.97
(-) Cash Required (M)	-8.57	-5.35	-3.21
(=) Excess Retained (M)	15.40	18.62	20.76
(/) Shares Outstanding (M)	405.55	405.55	405.55
(=) Excess Retained per Share	0.04	0.05	0.05
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.04	0.05	0.05
(=) Adjusted Dividend	0.08	0.09	0.10
WACC / Discount Rate	-45.45%	-45.45%	-45.45%
Growth Rate	-3.68%	-2.68%	-1.68%
Fair Value	$16.28	$17.99	$19.21
Upside / Downside	92.87%	113.14%	127.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.83	41.69	40.57	39.49	38.43	37.40	38.52
Payout Ratio	44.04%	53.23%	62.42%	71.61%	80.81%	90.00%	92.50%
Projected Dividends (M)	18.86	22.19	25.33	28.28	31.05	33.66	35.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-45.45%	-45.45%	-45.45%
Growth Rate	-3.68%	-2.68%	-1.68%
Year 1 PV (M)	40.26	40.67	41.09
Year 2 PV (M)	83.35	85.09	86.85
Year 3 PV (M)	168.85	174.16	179.58
Year 4 PV (M)	336.39	350.57	365.21
Year 5 PV (M)	661.50	696.56	733.09
PV of Terminal Value (M)	70,027.13	73,738.38	77,605.34
Equity Value (M)	71,317.47	75,085.44	79,011.16
Shares Outstanding (M)	405.55	405.55	405.55
Fair Value	$175.85	$185.14	$194.82
Upside / Downside	1,983.56%	2,093.64%	2,208.33%

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Shanghai Join Buy Co.,Ltd. (600838.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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