DDM Analysis: 300971.SZ

Valuation Snapshot

Stable Growth	$16.20 - $37.88	$23.79
Multi-Stage	$31.54 - $34.70	$33.09
Blended Fair Value	$28.44
Current Price	$22.79
Upside	24.78%
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	-4.51%	3.13%	0.24	0.24	0.37	0.39	0.28	0.30	0.22	0.23	0.23	0.07
YoY Growth	-	-	1.54%	-35.92%	-6.08%	38.38%	-6.13%	36.74%	-2.76%	-2.91%	218.83%	-58.33%
Dividend Yield	-	-	1.43%	1.62%	2.19%	1.80%	0.88%	0.93%	0.68%	0.70%	0.72%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73.75
(-) Cash Dividends Paid (M)	21.66
(=) Cash Retained (M)	52.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.75	9.22	5.53
Cash Retained (M)	52.10	52.10	52.10
(-) Cash Required (M)	-14.75	-9.22	-5.53
(=) Excess Retained (M)	37.35	42.88	46.56
(/) Shares Outstanding (M)	91.35	91.35	91.35
(=) Excess Retained per Share	0.41	0.47	0.51
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.41	0.47	0.51
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	5.17%	5.17%	5.17%
Growth Rate	1.13%	2.13%	3.13%
Fair Value	$16.20	$23.79	$37.88
Upside / Downside	-28.93%	4.38%	66.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.75	75.32	76.93	78.57	80.25	81.96	84.42
Payout Ratio	29.36%	41.49%	53.62%	65.75%	77.87%	90.00%	92.50%
Projected Dividends (M)	21.66	31.25	41.25	51.66	62.49	73.76	78.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.17%	5.17%	5.17%
Growth Rate	1.13%	2.13%	3.13%
Year 1 PV (M)	29.43	29.72	30.01
Year 2 PV (M)	36.57	37.30	38.03
Year 3 PV (M)	43.12	44.41	45.73
Year 4 PV (M)	49.12	51.09	53.12
Year 5 PV (M)	54.59	57.34	60.20
PV of Terminal Value (M)	2,668.08	2,802.63	2,942.55
Equity Value (M)	2,880.90	3,022.48	3,169.63
Shares Outstanding (M)	91.35	91.35	91.35
Fair Value	$31.54	$33.09	$34.70
Upside / Downside	38.38%	45.18%	52.25%

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Xiangyang BOYA Precision Industrial Equipments Co., Ltd (300971.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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