DDM Analysis: 605133.SS

Valuation Snapshot

Stable Growth	$12.32 - $24.24	$17.02
Multi-Stage	$11.73 - $12.85	$12.28
Blended Fair Value	$14.65
Current Price	$41.28
Upside	-64.52%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.02%	0.00%	0.18	0.15	0.12	0.19	0.08	0.10	0.58	0.11	0.11	0.00
YoY Growth	-	-	21.30%	23.43%	-34.42%	120.03%	-10.81%	-83.66%	416.89%	-0.50%	0.00%	0.00%
Dividend Yield	-	-	0.73%	0.94%	0.46%	1.28%	0.45%	0.42%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	185.23
(-) Cash Dividends Paid (M)	17.29
(=) Cash Retained (M)	167.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.05	23.15	13.89
Cash Retained (M)	167.94	167.94	167.94
(-) Cash Required (M)	-37.05	-23.15	-13.89
(=) Excess Retained (M)	130.90	144.79	154.05
(/) Shares Outstanding (M)	249.89	249.89	249.89
(=) Excess Retained per Share	0.52	0.58	0.62
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.52	0.58	0.62
(=) Adjusted Dividend	0.59	0.65	0.69
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	3.64%	4.64%	5.64%
Fair Value	$12.32	$17.02	$24.24
Upside / Downside	-70.16%	-58.78%	-41.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	185.23	193.83	202.82	212.24	222.09	232.40	239.37
Payout Ratio	9.33%	25.47%	41.60%	57.73%	73.87%	90.00%	92.50%
Projected Dividends (M)	17.29	49.36	84.37	122.53	164.05	209.16	221.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	3.64%	4.64%	5.64%
Year 1 PV (M)	45.00	45.44	45.87
Year 2 PV (M)	70.14	71.50	72.87
Year 3 PV (M)	92.87	95.59	98.35
Year 4 PV (M)	113.37	117.81	122.38
Year 5 PV (M)	131.79	138.27	145.00
PV of Terminal Value (M)	2,477.71	2,599.57	2,726.18
Equity Value (M)	2,930.87	3,068.16	3,210.65
Shares Outstanding (M)	249.89	249.89	249.89
Fair Value	$11.73	$12.28	$12.85
Upside / Downside	-71.59%	-70.26%	-68.88%

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Jiangsu Rongtai Industry Co., Ltd. (605133.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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