DDM Analysis: 603013.SS

Valuation Snapshot

Stable Growth	$8.41 - $12.49	$10.36
Multi-Stage	$20.31 - $22.39	$21.33
Blended Fair Value	$15.84
Current Price	$26.00
Upside	-39.06%
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	-2.45%	10.39%	0.45	0.55	0.71	0.72	0.55	0.51	0.14	0.44	0.31	0.07
YoY Growth	-	-	-17.10%	-22.97%	-0.93%	29.40%	7.94%	267.29%	-68.51%	40.86%	369.52%	-60.25%
Dividend Yield	-	-	2.73%	3.32%	4.55%	4.98%	4.13%	3.44%	0.76%	2.64%	1.87%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	543.37
(-) Cash Dividends Paid (M)	205.67
(=) Cash Retained (M)	337.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.67	67.92	40.75
Cash Retained (M)	337.70	337.70	337.70
(-) Cash Required (M)	-108.67	-67.92	-40.75
(=) Excess Retained (M)	229.03	269.78	296.95
(/) Shares Outstanding (M)	514.30	514.30	514.30
(=) Excess Retained per Share	0.45	0.52	0.58
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.45	0.52	0.58
(=) Adjusted Dividend	0.85	0.92	0.98
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-3.19%	-2.19%	-1.19%
Fair Value	$8.41	$10.36	$12.49
Upside / Downside	-67.66%	-60.16%	-51.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	543.37	531.46	519.81	508.41	497.27	486.36	500.96
Payout Ratio	37.85%	48.28%	58.71%	69.14%	79.57%	90.00%	92.50%
Projected Dividends (M)	205.67	256.59	305.18	351.52	395.68	437.73	463.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-3.19%	-2.19%	-1.19%
Year 1 PV (M)	238.38	240.85	243.31
Year 2 PV (M)	263.41	268.88	274.40
Year 3 PV (M)	281.87	290.70	299.70
Year 4 PV (M)	294.76	307.13	319.89
Year 5 PV (M)	302.95	318.93	335.57
PV of Terminal Value (M)	9,065.58	9,543.59	10,041.54
Equity Value (M)	10,446.96	10,970.06	11,514.41
Shares Outstanding (M)	514.30	514.30	514.30
Fair Value	$20.31	$21.33	$22.39
Upside / Downside	-21.87%	-17.96%	-13.89%

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YAPP Automotive Systems Co., Ltd. (603013.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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