DDM Analysis: 688026.SS

Valuation Snapshot

Stable Growth	$15.84 - $53.58	$25.94
Multi-Stage	$10.02 - $10.96	$10.48
Blended Fair Value	$18.21
Current Price	$18.67
Upside	-2.46%
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	0.00%	9.84%	0.09	0.08	0.44	0.09	0.36	0.00	0.09	0.01	0.00	0.02
YoY Growth	-	-	8.84%	-81.21%	390.90%	-75.46%	0.00%	-100.00%	1,335.03%	0.00%	-100.00%	-41.53%
Dividend Yield	-	-	0.61%	0.68%	1.91%	0.20%	0.85%	0.00%	0.24%	0.02%	0.00%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.32
(-) Cash Dividends Paid (M)	5.67
(=) Cash Retained (M)	73.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.86	9.92	5.95
Cash Retained (M)	73.66	73.66	73.66
(-) Cash Required (M)	-15.86	-9.92	-5.95
(=) Excess Retained (M)	57.79	63.74	67.71
(/) Shares Outstanding (M)	137.71	137.71	137.71
(=) Excess Retained per Share	0.42	0.46	0.49
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.42	0.46	0.49
(=) Adjusted Dividend	0.46	0.50	0.53
WACC / Discount Rate	8.57%	8.57%	8.57%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.84	$25.94	$53.58
Upside / Downside	-15.15%	38.96%	186.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.32	84.48	89.97	95.82	102.05	108.68	111.94
Payout Ratio	7.15%	23.72%	40.29%	56.86%	73.43%	90.00%	92.50%
Projected Dividends (M)	5.67	20.04	36.25	54.48	74.93	97.81	103.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.57%	8.57%	8.57%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	18.28	18.45	18.63
Year 2 PV (M)	30.18	30.75	31.33
Year 3 PV (M)	41.38	42.57	43.78
Year 4 PV (M)	51.93	53.93	55.99
Year 5 PV (M)	61.86	64.84	67.95
PV of Terminal Value (M)	1,175.79	1,232.58	1,291.55
Equity Value (M)	1,379.43	1,443.14	1,509.22
Shares Outstanding (M)	137.71	137.71	137.71
Fair Value	$10.02	$10.48	$10.96
Upside / Downside	-46.35%	-43.87%	-41.30%

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Guangzhou Jet Bio-Filtration Co., Ltd. (688026.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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