DDM Analysis: 000409.SZ

Valuation Snapshot

Stable Growth	$0.64 - $0.92	$0.78
Multi-Stage	$1.00 - $1.10	$1.05
Blended Fair Value	$0.91
Current Price	$11.24
Upside	-91.89%
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	0.00%	0.00%	0.00	0.00	0.01	0.01	0.07	0.10	0.29	0.41	0.40	0.17
YoY Growth	-	-	0.00%	-100.00%	-14.66%	-88.25%	-26.10%	-66.17%	-29.96%	4.38%	126.89%	122.22%
Dividend Yield	-	-	0.00%	0.00%	0.07%	0.14%	1.51%	2.35%	4.88%	7.06%	3.12%	1.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62.61
(-) Cash Dividends Paid (M)	12.13
(=) Cash Retained (M)	50.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.52	7.83	4.70
Cash Retained (M)	50.49	50.49	50.49
(-) Cash Required (M)	-12.52	-7.83	-4.70
(=) Excess Retained (M)	37.96	42.66	45.79
(/) Shares Outstanding (M)	669.41	669.41	669.41
(=) Excess Retained per Share	0.06	0.06	0.07
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.06	0.06	0.07
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.64	$0.78	$0.92
Upside / Downside	-94.29%	-93.09%	-91.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62.61	61.99	61.37	60.75	60.15	59.55	61.33
Payout Ratio	19.37%	33.49%	47.62%	61.75%	75.87%	90.00%	92.50%
Projected Dividends (M)	12.13	20.76	29.22	37.51	45.64	53.59	56.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	18.78	18.97	19.17
Year 2 PV (M)	23.91	24.40	24.90
Year 3 PV (M)	27.77	28.63	29.50
Year 4 PV (M)	30.56	31.83	33.13
Year 5 PV (M)	32.46	34.15	35.91
PV of Terminal Value (M)	534.54	562.37	591.36
Equity Value (M)	668.03	700.36	733.97
Shares Outstanding (M)	669.41	669.41	669.41
Fair Value	$1.00	$1.05	$1.10
Upside / Downside	-91.12%	-90.69%	-90.25%

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Yunding Technology Co.,Ltd. (000409.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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