DDM Analysis: 002489.SZ

Valuation Snapshot

Stable Growth	$1.15 - $1.54	$1.35
Multi-Stage	$7.66 - $8.56	$8.10
Blended Fair Value	$4.73
Current Price	$3.68
Upside	28.44%
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	-23.91%	-16.27%	0.02	0.04	0.05	0.16	0.13	0.08	0.04	0.10	0.04	0.22
YoY Growth	-	-	-49.91%	-14.06%	-71.26%	22.17%	68.73%	103.23%	-62.57%	129.31%	-79.23%	83.38%
Dividend Yield	-	-	0.55%	1.48%	1.33%	4.49%	3.74%	2.25%	0.96%	2.38%	0.57%	2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	653.21
(-) Cash Dividends Paid (M)	93.44
(=) Cash Retained (M)	559.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	130.64	81.65	48.99
Cash Retained (M)	559.77	559.77	559.77
(-) Cash Required (M)	-130.64	-81.65	-48.99
(=) Excess Retained (M)	429.13	478.12	510.78
(/) Shares Outstanding (M)	2,173.18	2,173.18	2,173.18
(=) Excess Retained per Share	0.20	0.22	0.24
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.20	0.22	0.24
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	4.55%	4.55%	4.55%
Growth Rate	-13.48%	-12.48%	-11.48%
Fair Value	$1.15	$1.35	$1.54
Upside / Downside	-68.64%	-63.26%	-58.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	653.21	571.70	500.36	437.92	383.27	335.45	345.51
Payout Ratio	14.30%	29.44%	44.58%	59.72%	74.86%	90.00%	92.50%
Projected Dividends (M)	93.44	168.33	223.07	261.53	286.92	301.90	319.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.55%	4.55%	4.55%
Growth Rate	-13.48%	-12.48%	-11.48%
Year 1 PV (M)	159.17	161.01	162.84
Year 2 PV (M)	199.45	204.09	208.78
Year 3 PV (M)	221.11	228.87	236.80
Year 4 PV (M)	229.37	240.16	251.33
Year 5 PV (M)	228.21	241.71	255.83
PV of Terminal Value (M)	15,606.04	16,528.99	17,495.09
Equity Value (M)	16,643.34	17,604.81	18,610.68
Shares Outstanding (M)	2,173.18	2,173.18	2,173.18
Fair Value	$7.66	$8.10	$8.56
Upside / Downside	108.11%	120.13%	132.71%

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Yotrio Group Co., Ltd. (002489.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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