DDM Analysis: 000422.SZ

Valuation Snapshot

Stable Growth	$5.80 - $8.82	$7.21
Multi-Stage	$14.83 - $16.32	$15.56
Blended Fair Value	$11.39
Current Price	$14.72
Upside	-22.65%
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	-8.93%	-8.93%	0.50	0.37	0.32	0.52	0.69	0.80	0.86	0.91	0.91	1.07
YoY Growth	-	-	35.19%	14.08%	-37.50%	-24.57%	-13.85%	-6.72%	-5.72%	-0.69%	-14.34%	-16.27%
Dividend Yield	-	-	3.67%	4.01%	2.27%	2.55%	17.75%	30.33%	18.51%	29.25%	13.59%	16.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	705.73
(-) Cash Dividends Paid (M)	510.38
(=) Cash Retained (M)	195.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	141.15	88.22	52.93
Cash Retained (M)	195.34	195.34	195.34
(-) Cash Required (M)	-141.15	-88.22	-52.93
(=) Excess Retained (M)	54.20	107.13	142.42
(/) Shares Outstanding (M)	1,065.61	1,065.61	1,065.61
(=) Excess Retained per Share	0.05	0.10	0.13
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.05	0.10	0.13
(=) Adjusted Dividend	0.53	0.58	0.61
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.69%	-1.69%	-0.69%
Fair Value	$5.80	$7.21	$8.82
Upside / Downside	-60.63%	-50.99%	-40.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	705.73	693.79	682.06	670.52	659.18	648.04	667.48
Payout Ratio	72.32%	75.86%	79.39%	82.93%	86.46%	90.00%	92.50%
Projected Dividends (M)	510.38	526.28	541.50	556.05	569.96	583.23	617.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.69%	-1.69%	-0.69%
Year 1 PV (M)	490.49	495.54	500.58
Year 2 PV (M)	470.36	480.08	489.89
Year 3 PV (M)	450.15	464.18	478.48
Year 4 PV (M)	430.03	447.99	466.49
Year 5 PV (M)	410.13	431.64	454.04
PV of Terminal Value (M)	13,547.31	14,257.86	14,997.92
Equity Value (M)	15,798.47	16,577.27	17,387.41
Shares Outstanding (M)	1,065.61	1,065.61	1,065.61
Fair Value	$14.83	$15.56	$16.32
Upside / Downside	0.72%	5.68%	10.85%

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Hubei Yihua Chemical Industry Co., Ltd. (000422.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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