DDM Analysis: 603693.SS

Valuation Snapshot

Stable Growth	$27.45 - $85.24	$79.88
Multi-Stage	$12.63 - $13.82	$13.22
Blended Fair Value	$46.55
Current Price	$12.85
Upside	262.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.13%	4.23%	0.34	0.32	0.27	0.25	0.25	0.28	0.27	0.25	0.10	0.11
YoY Growth	-	-	3.88%	18.87%	8.17%	0.32%	-8.62%	1.18%	7.77%	144.50%	-4.37%	-51.51%
Dividend Yield	-	-	2.72%	3.11%	2.21%	1.71%	2.52%	4.14%	2.18%	2.53%	1.04%	1.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	383.25
(-) Cash Dividends Paid (M)	232.29
(=) Cash Retained (M)	150.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	76.65	47.91	28.74
Cash Retained (M)	150.96	150.96	150.96
(-) Cash Required (M)	-76.65	-47.91	-28.74
(=) Excess Retained (M)	74.31	103.05	122.21
(/) Shares Outstanding (M)	891.48	891.48	891.48
(=) Excess Retained per Share	0.08	0.12	0.14
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.08	0.12	0.14
(=) Adjusted Dividend	0.34	0.38	0.40
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.18%	6.18%	7.18%
Fair Value	$27.45	$79.88	$85.24
Upside / Downside	113.59%	521.63%	563.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	383.25	406.92	432.05	458.73	487.06	517.13	532.65
Payout Ratio	60.61%	66.49%	72.37%	78.24%	84.12%	90.00%	92.50%
Projected Dividends (M)	232.29	270.55	312.66	358.93	409.72	465.42	492.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.18%	6.18%	7.18%
Year 1 PV (M)	251.66	254.06	256.45
Year 2 PV (M)	270.52	275.69	280.91
Year 3 PV (M)	288.88	297.19	305.67
Year 4 PV (M)	306.73	318.56	330.74
Year 5 PV (M)	324.10	339.81	356.11
PV of Terminal Value (M)	9,821.10	10,296.96	10,791.08
Equity Value (M)	11,263.00	11,782.27	12,320.96
Shares Outstanding (M)	891.48	891.48	891.48
Fair Value	$12.63	$13.22	$13.82
Upside / Downside	-1.68%	2.85%	7.56%

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Jiangsu New Energy Development Co., Ltd. (603693.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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