DDM Analysis: 605208.SS

Valuation Snapshot

Stable Growth	$25.30 - $29.81	$27.94
Multi-Stage	$19.27 - $21.15	$20.19
Blended Fair Value	$24.06
Current Price	$14.40
Upside	67.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2014
DPS	21.19%	7.97%	0.09	0.09	0.15	0.13	0.04	0.03	0.03	0.04	0.13	0.05
YoY Growth	-	-	-4.70%	-39.08%	14.32%	244.56%	14.31%	4.44%	-18.14%	-68.33%	135.48%	29.23%
Dividend Yield	-	-	0.81%	1.20%	1.35%	1.33%	0.28%	0.31%	0.00%	0.00%	0.00%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.74
(-) Cash Dividends Paid (M)	19.16
(=) Cash Retained (M)	32.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.35	6.47	3.88
Cash Retained (M)	32.57	32.57	32.57
(-) Cash Required (M)	-10.35	-6.47	-3.88
(=) Excess Retained (M)	22.23	26.11	28.69
(/) Shares Outstanding (M)	345.17	345.17	345.17
(=) Excess Retained per Share	0.06	0.08	0.08
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.06	0.08	0.08
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	0.01%	0.01%	0.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.30	$27.94	$29.81
Upside / Downside	75.71%	94.00%	107.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.74	55.10	58.68	62.50	66.56	70.89	73.01
Payout Ratio	37.04%	47.63%	58.22%	68.82%	79.41%	90.00%	92.50%
Projected Dividends (M)	19.16	26.25	34.17	43.01	52.85	63.80	67.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.01%	0.01%	0.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	26.00	26.24	26.49
Year 2 PV (M)	33.52	34.16	34.80
Year 3 PV (M)	41.79	42.99	44.21
Year 4 PV (M)	50.87	52.82	54.84
Year 5 PV (M)	60.82	63.75	66.80
PV of Terminal Value (M)	6,438.04	6,749.00	7,071.86
Equity Value (M)	6,651.03	6,968.97	7,299.01
Shares Outstanding (M)	345.17	345.17	345.17
Fair Value	$19.27	$20.19	$21.15
Upside / Downside	33.81%	40.21%	46.85%

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Shanghai Yongmaotai Automotive Technology Co., Ltd. (605208.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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