DDM Analysis: 000514.SZ

Valuation Snapshot

Stable Growth	$0.51 - $0.69	$0.60
Multi-Stage	$1.74 - $1.93	$1.83
Blended Fair Value	$1.22
Current Price	$5.52
Upside	-77.98%
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	-0.42%	-7.48%	0.10	0.09	0.15	0.15	0.11	0.10	0.12	0.14	0.12	0.21
YoY Growth	-	-	9.89%	-38.75%	-0.08%	36.95%	6.33%	-17.42%	-10.09%	12.04%	-41.88%	-2.95%
Dividend Yield	-	-	2.51%	2.61%	3.62%	2.27%	3.04%	2.38%	2.41%	2.05%	1.24%	2.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.01
(-) Cash Dividends Paid (M)	51.34
(=) Cash Retained (M)	41.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.60	11.63	6.98
Cash Retained (M)	41.66	41.66	41.66
(-) Cash Required (M)	-18.60	-11.63	-6.98
(=) Excess Retained (M)	23.06	30.04	34.69
(/) Shares Outstanding (M)	843.77	843.77	843.77
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-9.48%	-8.48%	-7.48%
Fair Value	$0.51	$0.60	$0.69
Upside / Downside	-90.78%	-89.10%	-87.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.01	85.12	77.90	71.29	65.24	59.71	61.50
Payout Ratio	55.20%	62.16%	69.12%	76.08%	83.04%	90.00%	92.50%
Projected Dividends (M)	51.34	52.91	53.85	54.24	54.18	53.74	56.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	-9.48%	-8.48%	-7.48%
Year 1 PV (M)	49.28	49.83	50.37
Year 2 PV (M)	46.71	47.75	48.80
Year 3 PV (M)	43.82	45.29	46.79
Year 4 PV (M)	40.77	42.60	44.49
Year 5 PV (M)	37.66	39.79	42.01
PV of Terminal Value (M)	1,248.16	1,318.64	1,392.28
Equity Value (M)	1,466.40	1,543.90	1,624.74
Shares Outstanding (M)	843.77	843.77	843.77
Fair Value	$1.74	$1.83	$1.93
Upside / Downside	-68.52%	-66.85%	-65.12%

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Chongqing Yukaifa Co., Ltd (000514.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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