DDM Analysis: 300641.SZ

Valuation Snapshot

Stable Growth	$37.50 - $80.45	$53.45
Multi-Stage	$27.90 - $30.44	$29.15
Blended Fair Value	$41.30
Current Price	$21.70
Upside	90.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	63.60%	31.28%	0.43	0.06	0.05	0.03	0.02	0.04	0.09	0.08	0.02	0.13
YoY Growth	-	-	672.48%	20.52%	69.72%	48.36%	-50.00%	-57.80%	6.67%	325.41%	-85.49%	366.99%
Dividend Yield	-	-	1.65%	1.24%	0.84%	0.45%	0.27%	0.81%	1.37%	0.93%	0.21%	1.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,039.90
(-) Cash Dividends Paid (M)	367.87
(=) Cash Retained (M)	672.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	207.98	129.99	77.99
Cash Retained (M)	672.03	672.03	672.03
(-) Cash Required (M)	-207.98	-129.99	-77.99
(=) Excess Retained (M)	464.05	542.05	594.04
(/) Shares Outstanding (M)	527.70	527.70	527.70
(=) Excess Retained per Share	0.88	1.03	1.13
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.88	1.03	1.13
(=) Adjusted Dividend	1.58	1.72	1.82
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.50	$53.45	$80.45
Upside / Downside	72.79%	146.31%	270.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,039.90	1,107.49	1,179.48	1,256.14	1,337.79	1,424.75	1,467.49
Payout Ratio	35.38%	46.30%	57.23%	68.15%	79.08%	90.00%	92.50%
Projected Dividends (M)	367.87	512.77	674.96	856.06	1,057.86	1,282.28	1,357.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	462.05	466.43	470.81
Year 2 PV (M)	548.03	558.47	569.01
Year 3 PV (M)	626.32	644.30	662.62
Year 4 PV (M)	697.40	724.22	751.81
Year 5 PV (M)	761.73	798.52	836.72
PV of Terminal Value (M)	11,626.38	12,187.94	12,770.99
Equity Value (M)	14,721.92	15,379.89	16,061.96
Shares Outstanding (M)	527.70	527.70	527.70
Fair Value	$27.90	$29.15	$30.44
Upside / Downside	28.56%	34.31%	40.27%

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Jiangsu Zhengdan Chemical Industry Co., Ltd. (300641.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener