DDM Analysis: 300932.SZ

Valuation Snapshot

Stable Growth	$6.99 - $18.00	$10.59
Multi-Stage	$8.07 - $8.84	$8.45
Blended Fair Value	$9.52
Current Price	$11.03
Upside	-13.69%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	44.01%	0.00%	0.23	0.10	0.16	0.18	0.02	0.04	0.06	0.06	0.06	0.00
YoY Growth	-	-	135.31%	-39.33%	-14.29%	659.30%	-33.33%	-35.73%	-2.12%	-2.03%	0.00%	0.00%
Dividend Yield	-	-	2.03%	1.43%	1.75%	1.68%	0.17%	0.17%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	74.74
(-) Cash Dividends Paid (M)	63.14
(=) Cash Retained (M)	11.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.95	9.34	5.61
Cash Retained (M)	11.61	11.61	11.61
(-) Cash Required (M)	-14.95	-9.34	-5.61
(=) Excess Retained (M)	-3.34	2.26	6.00
(/) Shares Outstanding (M)	238.89	238.89	238.89
(=) Excess Retained per Share	-0.01	0.01	0.03
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	-0.01	0.01	0.03
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	2.97%	3.97%	4.97%
Fair Value	$6.99	$10.59	$18.00
Upside / Downside	-36.63%	-3.97%	63.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74.74	77.71	80.80	84.00	87.34	90.81	93.53
Payout Ratio	84.47%	85.58%	86.68%	87.79%	88.89%	90.00%	92.50%
Projected Dividends (M)	63.14	66.51	70.04	73.75	77.64	81.73	86.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	2.97%	3.97%	4.97%
Year 1 PV (M)	61.75	62.35	62.95
Year 2 PV (M)	60.39	61.57	62.76
Year 3 PV (M)	59.05	60.78	62.55
Year 4 PV (M)	57.72	60.00	62.34
Year 5 PV (M)	56.42	59.21	62.11
PV of Terminal Value (M)	1,633.21	1,714.07	1,798.10
Equity Value (M)	1,928.54	2,017.98	2,110.82
Shares Outstanding (M)	238.89	238.89	238.89
Fair Value	$8.07	$8.45	$8.84
Upside / Downside	-26.81%	-23.42%	-19.89%

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Sanyou Corporation Limited (300932.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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