DDM Analysis: 688356.SS

Valuation Snapshot

Stable Growth	$4.26 - $6.05	$5.14
Multi-Stage	$6.12 - $6.74	$6.42
Blended Fair Value	$5.78
Current Price	$94.45
Upside	-93.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	28.30%	0.00%	0.58	0.93	0.87	0.42	0.00	0.17	0.12	0.08	0.32	0.00
YoY Growth	-	-	-37.90%	6.57%	104.90%	42,999.78%	-99.41%	33.67%	50.89%	-74.21%	0.00%	0.00%
Dividend Yield	-	-	1.01%	1.21%	0.59%	0.22%	0.00%	0.12%	0.09%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.83
(-) Cash Dividends Paid (M)	0.08
(=) Cash Retained (M)	38.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.77	4.85	2.91
Cash Retained (M)	38.74	38.74	38.74
(-) Cash Required (M)	-7.77	-4.85	-2.91
(=) Excess Retained (M)	30.98	33.89	35.83
(/) Shares Outstanding (M)	60.65	60.65	60.65
(=) Excess Retained per Share	0.51	0.56	0.59
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.51	0.56	0.59
(=) Adjusted Dividend	0.51	0.56	0.59
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	-1.86%	-0.86%	0.14%
Fair Value	$4.26	$5.14	$6.05
Upside / Downside	-95.49%	-94.56%	-93.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.83	38.49	38.16	37.84	37.51	37.19	38.31
Payout Ratio	0.22%	18.17%	36.13%	54.09%	72.04%	90.00%	92.50%
Projected Dividends (M)	0.08	7.00	13.79	20.46	27.03	33.47	35.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	-1.86%	-0.86%	0.14%
Year 1 PV (M)	6.30	6.36	6.43
Year 2 PV (M)	11.18	11.41	11.64
Year 3 PV (M)	14.93	15.40	15.87
Year 4 PV (M)	17.76	18.49	19.25
Year 5 PV (M)	19.80	20.83	21.90
PV of Terminal Value (M)	301.48	317.16	333.48
Equity Value (M)	371.45	389.64	408.56
Shares Outstanding (M)	60.65	60.65	60.65
Fair Value	$6.12	$6.42	$6.74
Upside / Downside	-93.52%	-93.20%	-92.87%

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Jenkem Technology Co., Ltd. (688356.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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