DDM Analysis: 688258.SS

Valuation Snapshot

Stable Growth	$35.88 - $93.68	$87.79
Multi-Stage	$13.38 - $14.65	$14.00
Blended Fair Value	$50.90
Current Price	$73.28
Upside	-30.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	66.47%	0.00%	0.23	0.06	0.07	0.19	0.11	0.02	0.01	0.01	0.02	0.00
YoY Growth	-	-	303.78%	-20.15%	-62.68%	74.21%	509.91%	65.36%	-14.45%	-43.08%	0.00%	0.00%
Dividend Yield	-	-	0.55%	0.19%	0.15%	0.90%	0.41%	0.03%	0.03%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	57.35
(-) Cash Dividends Paid (M)	22.10
(=) Cash Retained (M)	35.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.47	7.17	4.30
Cash Retained (M)	35.26	35.26	35.26
(-) Cash Required (M)	-11.47	-7.17	-4.30
(=) Excess Retained (M)	23.79	28.09	30.95
(/) Shares Outstanding (M)	121.76	121.76	121.76
(=) Excess Retained per Share	0.20	0.23	0.25
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.20	0.23	0.25
(=) Adjusted Dividend	0.38	0.41	0.44
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.88	$87.79	$93.68
Upside / Downside	-51.04%	19.80%	27.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	57.35	61.08	65.05	69.28	73.78	78.58	80.94
Payout Ratio	38.53%	48.82%	59.12%	69.41%	79.71%	90.00%	92.50%
Projected Dividends (M)	22.10	29.82	38.46	48.09	58.81	70.72	74.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27.71	27.97	28.24
Year 2 PV (M)	33.20	33.84	34.48
Year 3 PV (M)	38.58	39.69	40.82
Year 4 PV (M)	43.84	45.53	47.26
Year 5 PV (M)	48.99	51.36	53.81
PV of Terminal Value (M)	1,437.38	1,506.80	1,578.88
Equity Value (M)	1,629.71	1,705.19	1,783.49
Shares Outstanding (M)	121.76	121.76	121.76
Fair Value	$13.38	$14.00	$14.65
Upside / Downside	-81.74%	-80.89%	-80.01%

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Jiangsu Eazytec Co., Ltd. (688258.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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