DDM Analysis: 605298.SS

Valuation Snapshot

Stable Growth	$71.58 - $84.34	$79.04
Multi-Stage	$87.22 - $95.73	$91.40
Blended Fair Value	$85.22
Current Price	$42.56
Upside	100.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-16.60%	23.57%	0.10	0.12	0.24	0.24	0.22	0.25	0.11	0.17	0.08	0.03
YoY Growth	-	-	-13.50%	-51.25%	0.00%	6.67%	-10.27%	127.76%	-35.56%	104.04%	147.05%	178.03%
Dividend Yield	-	-	0.69%	1.14%	2.21%	2.31%	1.56%	1.82%	0.00%	0.00%	0.61%	0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	76.99
(-) Cash Dividends Paid (M)	31.48
(=) Cash Retained (M)	45.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.40	9.62	5.77
Cash Retained (M)	45.51	45.51	45.51
(-) Cash Required (M)	-15.40	-9.62	-5.77
(=) Excess Retained (M)	30.11	35.88	39.73
(/) Shares Outstanding (M)	181.54	181.54	181.54
(=) Excess Retained per Share	0.17	0.20	0.22
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.17	0.20	0.22
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	-9.03%	-9.03%	-9.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$71.58	$79.04	$84.34
Upside / Downside	68.20%	85.71%	98.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	76.99	81.99	87.32	93.00	99.04	105.48	108.64
Payout Ratio	40.89%	50.71%	60.53%	70.36%	80.18%	90.00%	92.50%
Projected Dividends (M)	31.48	41.58	52.86	65.43	79.41	94.93	100.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-9.03%	-9.03%	-9.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45.28	45.71	46.14
Year 2 PV (M)	62.68	63.87	65.07
Year 3 PV (M)	84.48	86.90	89.37
Year 4 PV (M)	111.64	115.94	120.35
Year 5 PV (M)	145.33	152.35	159.64
PV of Terminal Value (M)	15,384.77	16,127.86	16,899.39
Equity Value (M)	15,834.17	16,592.62	17,379.96
Shares Outstanding (M)	181.54	181.54	181.54
Fair Value	$87.22	$91.40	$95.73
Upside / Downside	104.93%	114.75%	124.94%

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Jiangsu Bide Science and Technology Co., Ltd. (605298.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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