DDM Analysis: 603078.SS

Valuation Snapshot

Stable Growth	$22.47 - $47.02	$44.06
Multi-Stage	$7.16 - $7.84	$7.49
Blended Fair Value	$25.78
Current Price	$20.76
Upside	24.16%
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	34.98%	9.74%	0.15	0.05	0.05	0.05	0.03	0.03	0.05	0.05	0.05	0.06
YoY Growth	-	-	171.92%	17.73%	-2.50%	65.66%	-13.33%	-30.00%	0.00%	-8.95%	-20.73%	11.86%
Dividend Yield	-	-	0.75%	0.41%	0.23%	0.27%	0.23%	0.27%	0.53%	0.37%	0.77%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	91.16
(-) Cash Dividends Paid (M)	31.91
(=) Cash Retained (M)	59.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.23	11.39	6.84
Cash Retained (M)	59.25	59.25	59.25
(-) Cash Required (M)	-18.23	-11.39	-6.84
(=) Excess Retained (M)	41.02	47.86	52.41
(/) Shares Outstanding (M)	385.60	385.60	385.60
(=) Excess Retained per Share	0.11	0.12	0.14
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.11	0.12	0.14
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.47	$44.06	$47.02
Upside / Downside	8.25%	112.24%	126.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.16	97.09	103.40	110.12	117.27	124.90	128.64
Payout Ratio	35.00%	46.00%	57.00%	68.00%	79.00%	90.00%	92.50%
Projected Dividends (M)	31.91	44.66	58.94	74.88	92.65	112.41	119.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41.59	41.98	42.37
Year 2 PV (M)	51.10	52.07	53.05
Year 3 PV (M)	60.45	62.19	63.95
Year 4 PV (M)	69.64	72.32	75.08
Year 5 PV (M)	78.68	82.48	86.42
PV of Terminal Value (M)	2,458.40	2,577.14	2,700.43
Equity Value (M)	2,759.85	2,888.18	3,021.31
Shares Outstanding (M)	385.60	385.60	385.60
Fair Value	$7.16	$7.49	$7.84
Upside / Downside	-65.52%	-63.92%	-62.26%

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Jiangyin Jianghua Microelectronics Materials Co., Ltd (603078.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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