DDM Analysis: 002605.SZ

Valuation Snapshot

Stable Growth	$83.18 - $236.56	$221.69
Multi-Stage	$32.95 - $36.05	$34.47
Blended Fair Value	$128.08
Current Price	$27.81
Upside	360.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	41.21%	35.09%	0.89	0.28	0.32	0.52	0.43	0.16	0.13	0.01	0.10	0.03
YoY Growth	-	-	224.18%	-15.33%	-37.70%	19.88%	173.88%	23.19%	1,606.80%	-92.50%	261.79%	-36.79%
Dividend Yield	-	-	3.27%	1.16%	1.23%	2.76%	1.82%	0.53%	1.17%	0.07%	0.62%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	505.08
(-) Cash Dividends Paid (M)	214.92
(=) Cash Retained (M)	290.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.02	63.13	37.88
Cash Retained (M)	290.16	290.16	290.16
(-) Cash Required (M)	-101.02	-63.13	-37.88
(=) Excess Retained (M)	189.15	227.03	252.28
(/) Shares Outstanding (M)	424.61	424.61	424.61
(=) Excess Retained per Share	0.45	0.53	0.59
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.45	0.53	0.59
(=) Adjusted Dividend	0.95	1.04	1.10
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$83.18	$221.69	$236.56
Upside / Downside	199.10%	697.17%	750.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	505.08	537.91	572.87	610.11	649.76	692.00	712.76
Payout Ratio	42.55%	52.04%	61.53%	71.02%	80.51%	90.00%	92.50%
Projected Dividends (M)	214.92	279.93	352.49	433.30	523.13	622.80	659.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	259.87	262.34	264.80
Year 2 PV (M)	303.79	309.57	315.41
Year 3 PV (M)	346.67	356.62	366.77
Year 4 PV (M)	388.55	403.49	418.86
Year 5 PV (M)	429.44	450.18	471.71
PV of Terminal Value (M)	12,263.67	12,856.01	13,471.02
Equity Value (M)	13,991.99	14,638.22	15,308.58
Shares Outstanding (M)	424.61	424.61	424.61
Fair Value	$32.95	$34.47	$36.05
Upside / Downside	18.49%	23.96%	29.64%

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Shanghai Yaoji Technology Co., Ltd. (002605.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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