DDM Analysis: 002063.SZ

Valuation Snapshot

Stable Growth	$3.01 - $6.38	$4.27
Multi-Stage	$2.15 - $2.35	$2.24
Blended Fair Value	$3.26
Current Price	$6.27
Upside	-48.03%
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	3.57%	8.32%	0.03	0.04	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02
YoY Growth	-	-	-34.40%	21.87%	10.32%	27.52%	5.99%	32.86%	7.34%	5.15%	-17.22%	50.31%
Dividend Yield	-	-	0.45%	0.76%	0.45%	0.60%	0.49%	0.49%	0.43%	0.65%	0.58%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	306.04
(-) Cash Dividends Paid (M)	2.47
(=) Cash Retained (M)	303.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.21	38.25	22.95
Cash Retained (M)	303.57	303.57	303.57
(-) Cash Required (M)	-61.21	-38.25	-22.95
(=) Excess Retained (M)	242.36	265.31	280.61
(/) Shares Outstanding (M)	1,908.17	1,908.17	1,908.17
(=) Excess Retained per Share	0.13	0.14	0.15
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.13	0.14	0.15
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3.01	$4.27	$6.38
Upside / Downside	-52.01%	-31.87%	1.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	306.04	325.93	347.11	369.68	393.71	419.30	431.87
Payout Ratio	0.81%	18.65%	36.48%	54.32%	72.16%	90.00%	92.50%
Projected Dividends (M)	2.47	60.77	126.64	200.82	284.10	377.37	399.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	54.73	55.25	55.77
Year 2 PV (M)	102.71	104.66	106.64
Year 3 PV (M)	146.67	150.88	155.17
Year 4 PV (M)	186.87	194.06	201.45
Year 5 PV (M)	223.53	234.33	245.54
PV of Terminal Value (M)	3,381.15	3,544.46	3,714.03
Equity Value (M)	4,095.67	4,283.64	4,478.59
Shares Outstanding (M)	1,908.17	1,908.17	1,908.17
Fair Value	$2.15	$2.24	$2.35
Upside / Downside	-65.77%	-64.20%	-62.57%

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YGSOFT Inc. (002063.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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