DDM Analysis: 600784.SS

Valuation Snapshot

Stable Growth	$9.75 - $44.25	$17.10
Multi-Stage	$5.85 - $6.40	$6.12
Blended Fair Value	$11.61
Current Price	$6.35
Upside	82.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	60.65%	15.65%	0.11	0.05	0.04	0.03	0.01	0.01	0.09	0.03	0.11	0.02
YoY Growth	-	-	115.97%	42.86%	34.26%	287.50%	-33.33%	-89.08%	266.44%	-77.00%	552.18%	-33.33%
Dividend Yield	-	-	1.77%	0.93%	0.56%	0.37%	0.12%	0.24%	1.52%	0.47%	1.28%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	208.70
(-) Cash Dividends Paid (M)	14.12
(=) Cash Retained (M)	194.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.74	26.09	15.65
Cash Retained (M)	194.58	194.58	194.58
(-) Cash Required (M)	-41.74	-26.09	-15.65
(=) Excess Retained (M)	152.84	168.49	178.93
(/) Shares Outstanding (M)	668.44	668.44	668.44
(=) Excess Retained per Share	0.23	0.25	0.27
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.23	0.25	0.27
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.75	$17.10	$44.25
Upside / Downside	53.60%	169.26%	596.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	208.70	222.26	236.71	252.10	268.48	285.94	294.51
Payout Ratio	6.76%	23.41%	40.06%	56.71%	73.35%	90.00%	92.50%
Projected Dividends (M)	14.12	52.04	94.82	142.95	196.94	257.34	272.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47.64	48.09	48.54
Year 2 PV (M)	79.48	80.99	82.52
Year 3 PV (M)	109.70	112.85	116.06
Year 4 PV (M)	138.36	143.68	149.15
Year 5 PV (M)	165.52	173.52	181.82
PV of Terminal Value (M)	3,368.64	3,531.35	3,700.28
Equity Value (M)	3,909.35	4,090.48	4,278.38
Shares Outstanding (M)	668.44	668.44	668.44
Fair Value	$5.85	$6.12	$6.40
Upside / Downside	-7.90%	-3.63%	0.80%

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Luyin Investment Group Co.,Ltd. (600784.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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