DDM Analysis: 001206.SZ

Valuation Snapshot

Stable Growth	$108.75 - $237.56	$222.63
Multi-Stage	$36.09 - $39.48	$37.75
Blended Fair Value	$130.19
Current Price	$30.38
Upside	328.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	75.15%	0.00%	0.89	0.60	0.36	0.41	0.00	0.05	0.03	0.03	0.03	0.04
YoY Growth	-	-	47.65%	69.28%	-12.50%	0.00%	-100.00%	104.90%	-10.39%	15.27%	-30.09%	0.00%
Dividend Yield	-	-	4.75%	4.50%	2.02%	2.25%	0.00%	0.17%	0.08%	0.09%	0.08%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	220.89
(-) Cash Dividends Paid (M)	110.62
(=) Cash Retained (M)	110.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.18	27.61	16.57
Cash Retained (M)	110.27	110.27	110.27
(-) Cash Required (M)	-44.18	-27.61	-16.57
(=) Excess Retained (M)	66.09	82.66	93.70
(/) Shares Outstanding (M)	184.92	184.92	184.92
(=) Excess Retained per Share	0.36	0.45	0.51
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.36	0.45	0.51
(=) Adjusted Dividend	0.96	1.05	1.10
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$108.75	$222.63	$237.56
Upside / Downside	257.95%	632.82%	681.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	220.89	235.25	250.54	266.82	284.17	302.64	311.71
Payout Ratio	50.08%	58.06%	66.05%	74.03%	82.02%	90.00%	92.50%
Projected Dividends (M)	110.62	136.59	165.47	197.53	233.06	272.37	288.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	127.14	128.34	129.55
Year 2 PV (M)	143.36	146.09	148.85
Year 3 PV (M)	159.29	163.86	168.52
Year 4 PV (M)	174.93	181.66	188.58
Year 5 PV (M)	190.29	199.48	209.02
PV of Terminal Value (M)	5,877.94	6,161.85	6,456.62
Equity Value (M)	6,672.96	6,981.29	7,301.15
Shares Outstanding (M)	184.92	184.92	184.92
Fair Value	$36.09	$37.75	$39.48
Upside / Downside	18.78%	24.27%	29.97%

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Tianjin Yiyi Hygiene Products Co.,Ltd (001206.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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