DDM Analysis: 000960.SZ

Valuation Snapshot

Stable Growth	$13.20 - $21.89	$17.04
Multi-Stage	$21.76 - $23.89	$22.80
Blended Fair Value	$19.92
Current Price	$23.14
Upside	-13.90%
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	5.21%	-0.92%	0.51	0.12	0.11	0.47	0.41	0.39	0.45	0.35	0.37	0.41
YoY Growth	-	-	329.42%	9.09%	-77.11%	16.83%	2.93%	-12.82%	30.29%	-6.19%	-9.17%	-26.96%
Dividend Yield	-	-	3.33%	0.78%	0.73%	2.26%	3.29%	4.77%	3.45%	2.57%	2.81%	3.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,906.16
(-) Cash Dividends Paid (M)	724.71
(=) Cash Retained (M)	1,181.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	381.23	238.27	142.96
Cash Retained (M)	1,181.45	1,181.45	1,181.45
(-) Cash Required (M)	-381.23	-238.27	-142.96
(=) Excess Retained (M)	800.22	943.18	1,038.49
(/) Shares Outstanding (M)	1,671.13	1,671.13	1,671.13
(=) Excess Retained per Share	0.48	0.56	0.62
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.48	0.56	0.62
(=) Adjusted Dividend	0.91	1.00	1.06
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	0.26%	1.26%	2.26%
Fair Value	$13.20	$17.04	$21.89
Upside / Downside	-42.95%	-26.35%	-5.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,906.16	1,930.14	1,954.42	1,979.01	2,003.90	2,029.11	2,089.99
Payout Ratio	38.02%	48.42%	58.81%	69.21%	79.60%	90.00%	92.50%
Projected Dividends (M)	724.71	934.48	1,149.43	1,369.63	1,595.18	1,826.20	1,933.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	0.26%	1.26%	2.26%
Year 1 PV (M)	863.21	871.82	880.43
Year 2 PV (M)	980.77	1,000.44	1,020.30
Year 3 PV (M)	1,079.53	1,112.16	1,145.43
Year 4 PV (M)	1,161.42	1,208.45	1,256.90
Year 5 PV (M)	1,228.20	1,290.69	1,355.69
PV of Terminal Value (M)	31,047.02	32,626.58	34,269.77
Equity Value (M)	36,360.16	38,110.13	39,928.53
Shares Outstanding (M)	1,671.13	1,671.13	1,671.13
Fair Value	$21.76	$22.80	$23.89
Upside / Downside	-5.97%	-1.45%	3.25%

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Yunnan Tin Company Limited (000960.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener