DDM Analysis: 000948.SZ

Valuation Snapshot

Stable Growth	$3.09 - $8.83	$4.83
Multi-Stage	$2.16 - $2.35	$2.25
Blended Fair Value	$3.54
Current Price	$18.33
Upside	-80.68%
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	48.93%	33.75%	0.23	0.05	0.05	0.05	0.05	0.03	0.01	0.03	0.03	0.01
YoY Growth	-	-	358.19%	0.00%	3.46%	0.00%	54.56%	150.00%	-60.00%	25.00%	100.00%	0.00%
Dividend Yield	-	-	1.32%	0.36%	0.22%	0.34%	0.50%	0.28%	0.10%	0.36%	0.21%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48.80
(-) Cash Dividends Paid (M)	29.60
(=) Cash Retained (M)	19.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.76	6.10	3.66
Cash Retained (M)	19.20	19.20	19.20
(-) Cash Required (M)	-9.76	-6.10	-3.66
(=) Excess Retained (M)	9.44	13.10	15.54
(/) Shares Outstanding (M)	391.82	391.82	391.82
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3.09	$4.83	$8.83
Upside / Downside	-83.15%	-73.64%	-51.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48.80	51.97	55.35	58.95	62.78	66.86	68.87
Payout Ratio	60.66%	66.53%	72.40%	78.27%	84.13%	90.00%	92.50%
Projected Dividends (M)	29.60	34.58	40.07	46.14	52.82	60.17	63.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	31.45	31.75	32.05
Year 2 PV (M)	33.16	33.79	34.43
Year 3 PV (M)	34.72	35.72	36.74
Year 4 PV (M)	36.16	37.55	38.98
Year 5 PV (M)	37.47	39.28	41.16
PV of Terminal Value (M)	672.12	704.58	738.28
Equity Value (M)	845.08	882.67	921.64
Shares Outstanding (M)	391.82	391.82	391.82
Fair Value	$2.16	$2.25	$2.35
Upside / Downside	-88.23%	-87.71%	-87.17%

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Yunnan Nantian Electronics Information Co.,Ltd. (000948.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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