DDM Analysis: 000902.SZ

Valuation Snapshot

Stable Growth	$147.53 - $245.01	$229.61
Multi-Stage	$39.31 - $43.05	$41.14
Blended Fair Value	$135.38
Current Price	$13.97
Upside	869.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.74%	68.52%	0.32	0.21	0.20	0.20	0.20	0.20	0.20	0.15	0.15	0.02
YoY Growth	-	-	53.17%	3.97%	2.64%	-1.95%	-0.70%	-1.22%	33.33%	-1.06%	718.13%	988.88%
Dividend Yield	-	-	2.53%	1.93%	1.88%	1.14%	1.12%	2.48%	1.84%	1.57%	1.70%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,575.74
(-) Cash Dividends Paid (M)	410.69
(=) Cash Retained (M)	1,165.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	315.15	196.97	118.18
Cash Retained (M)	1,165.05	1,165.05	1,165.05
(-) Cash Required (M)	-315.15	-196.97	-118.18
(=) Excess Retained (M)	849.91	968.09	1,046.87
(/) Shares Outstanding (M)	1,279.01	1,279.01	1,279.01
(=) Excess Retained per Share	0.66	0.76	0.82
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.66	0.76	0.82
(=) Adjusted Dividend	0.99	1.08	1.14
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$147.53	$229.61	$245.01
Upside / Downside	956.07%	1,543.63%	1,653.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,575.74	1,678.16	1,787.24	1,903.41	2,027.14	2,158.90	2,223.67
Payout Ratio	26.06%	38.85%	51.64%	64.43%	77.21%	90.00%	92.50%
Projected Dividends (M)	410.69	651.97	922.89	1,226.28	1,565.20	1,943.01	2,056.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	608.12	613.88	619.65
Year 2 PV (M)	802.91	818.21	833.64
Year 3 PV (M)	995.10	1,023.66	1,052.77
Year 4 PV (M)	1,184.69	1,230.25	1,277.11
Year 5 PV (M)	1,371.73	1,437.98	1,506.77
PV of Terminal Value (M)	45,310.99	47,499.53	49,771.82
Equity Value (M)	50,273.54	52,623.51	55,061.77
Shares Outstanding (M)	1,279.01	1,279.01	1,279.01
Fair Value	$39.31	$41.14	$43.05
Upside / Downside	181.37%	194.52%	208.16%

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YONFER Agricultural Technology Co., Ltd. (000902.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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