DDM Analysis: 001222.SZ

Valuation Snapshot

Stable Growth	$31.17 - $180.42	$57.20
Multi-Stage	$18.25 - $19.96	$19.09
Blended Fair Value	$38.14
Current Price	$23.13
Upside	64.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	111.87%	0.00%	0.20	0.29	0.00	0.00	0.00	0.00	0.03	0.00	0.00	0.00
YoY Growth	-	-	-30.06%	0.00%	-100.00%	-37.84%	-42.52%	-82.99%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.32%	2.22%	0.00%	0.01%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	174.76
(-) Cash Dividends Paid (M)	26.74
(=) Cash Retained (M)	148.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.95	21.84	13.11
Cash Retained (M)	148.02	148.02	148.02
(-) Cash Required (M)	-34.95	-21.84	-13.11
(=) Excess Retained (M)	113.06	126.17	134.91
(/) Shares Outstanding (M)	188.40	188.40	188.40
(=) Excess Retained per Share	0.60	0.67	0.72
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.60	0.67	0.72
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	8.01%	8.01%	8.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31.17	$57.20	$180.42
Upside / Downside	34.78%	147.28%	680.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	174.76	186.12	198.21	211.10	224.82	239.43	246.61
Payout Ratio	15.30%	30.24%	45.18%	60.12%	75.06%	90.00%	92.50%
Projected Dividends (M)	26.74	56.28	89.56	126.91	168.75	215.49	228.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.01%	8.01%	8.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	51.62	52.11	52.60
Year 2 PV (M)	75.33	76.76	78.21
Year 3 PV (M)	97.91	100.72	103.58
Year 4 PV (M)	119.39	123.98	128.71
Year 5 PV (M)	139.83	146.58	153.59
PV of Terminal Value (M)	2,953.82	3,096.49	3,244.62
Equity Value (M)	3,437.90	3,596.65	3,761.32
Shares Outstanding (M)	188.40	188.40	188.40
Fair Value	$18.25	$19.09	$19.96
Upside / Downside	-21.11%	-17.47%	-13.69%

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Wenzhou Yuanfei pet toy products Co., Ltd. (001222.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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